"Texas Small Business Bankruptcy"

Texas Small Business Bankruptcy is allowed for sole proprietors, partners filing individually, and corporations (upon indirect authority). If filing a Texas small business bankruptcy, debtors may chose any Chapter upon the same conditions, qualifications, and terms as provided by all Chapters. Chapter 13 small business cases are common, and permit debts to be restructured with lower payments while the business continues to operate.

In Texas, legal definitions are derived from many sources, both federal and state: case law, statutes, rules of procedure, rules of evidence, and local practices. The application of law determines meaning, rather than common usage in ordinary conversations. For instance, a particular phrase used in a significant court decision may become popular, and is understood to include the rationale and requirements contained in the published opinion. For this reason, any debtor who may have questions about legal terminology should contact a qualified attorney for clarification. Most consumer specialists offer free consultations for anyone who is considering filing Chapter 7 or Chapter 13.

Back to Texas Bankruptcy Courts directory and content.