Texas Chapter 11 Filings

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Define: Texas Chapter 11 Filings
Texas Bankruptcy Law Summaries

"Texas Chapter 11 Filings"

The majority of all debtors (individuals and organizations) filing Texas Chapter 11 cases are business related. However, consumers may also file for reorganization under this chapter. Attorney fees, costs and expenses associated with filing Chapter 11 are significantly higher than other cases, and offers significantly greater options. Of all Texas bankruptcy cases filed, Chapter 11 filings account for less than 1% of all cases filed.

11 U.S.C. §1102(a) provides, in part, "(1) Except as provided in paragraph (3), as soon as practicable after the order for relief under chapter 11 of this title, the United States trustee shall appoint a committee of creditors holding unsecured claims and may appoint additional committees of creditors or of equity security holders as the United States trustee deems appropriate. (2) On request of a party in interest, the court may order the appointment of additional committees of creditors or of equity security holders if necessary to assure adequate representation of creditors or of equity security holders. The United States trustee shall appoint any such committee."

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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