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"Texas Bankruptcy Reorganization"
Plans for restructuring debt in Texas bankruptcy cases under Chapter 11, 12, and 13 may
be filed by the debtor. "Reorganization" is a comprehensive term, and
may include discounting interest payments, extending payment terms, rejecting
contingent claims, and avoiding particular debts and contracts. Chapter 13 plans may restructure debts, for a period of
payment of not more than 5 years, and provide as little as 10% payment
on amounts owed. All three types
of reorganization plans must receive approval by the Texas bankruptcy courts
to become enforceable against creditors.
| 11 U.S.C. §1123(a) provides, in part, "Contents of plan. (a) Notwithstanding any
otherwise applicable nonbankruptcy law, a plan shall - (1) designate, subject to section 1122 of this title,
classes of claims, other than claims of a kind specified in section 507(a)(1), 507(a)(2), or 507(a)(8) of
this title, and classes of interests; (2) specify any class of claims or interests that is not impaired
under the plan; (3) specify the treatment of any class of claims or interests that is impaired under the
plan; (4) provide the same treatment for each claim or interest of a particular class, unless the holder of
a particular claim or interest agrees to a less favorable treatment of such particular claim or interest;
(5) provide adequate means for the plan's implementation, such as - " |
Texas bankruptcy courts provide free forms to debtors upon request. Also, clerks may provide a package of documents including instructions for filing. Usually, these packets include: 1) an official form for the petition, 2) a current fee requirements and options, 3) instructions for preparing a mailing matrix, 4) debtor rights for discharge, and 5) a glossary of common bankruptcy terms. Be aware, forms provided and instructions may not include all necessary documents throughout the completion of the case. Texas bankruptcy courts allow pro se debtors to file paper forms. Also, Texas courts permit emergency filing after hours online. To file online, attorneys must apply for approval and receive a personal account before filing. Payment of filing fees online may be provided by credit card.
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