If you are a resident of Harris county, Texas and considering a bankruptcy, then your venue for filing the bankruptcy would be in the Federal Court of the Southern District of Texas, Houston Division. The location of the court is 515 Rusk Houston, Texas 77002. The building is located in the theatre district and some parking is above ground, which is metered, but most is underground. The meetings of creditors (341 meetings) are typically held on the 3rd floor of the building. You have five Judges that may preside over your bankruptcy which are, Jeff Bohm , Marvin Isgur , Karen Brown , David Jones , Letitia Z. Paul . There are two chapter 13 Trustees, David Peake, and William Heikamp. You will have a panel of chapter 7 trustees which average about 8. Located also on the 3rd floor of 515 Rusk is the U.S. trustee for this district. The U.S. trustee generally spend very little time on chapter 13 cases, but usually will spend time reviewing the chapter 7 cases and may sit in on your 341 meetings of creditors.
Most people consider bankruptcy when they are going to loose some property or they cannot afford monthly payments on certain types of debt. A chapter 13 bankruptcy would allow you to keep your home, if you qualify, and pay out over time the arrears on the house. You can also pay out Home Owners Association dues and Property Taxes. If your vehicle is behind and you want to keep it, a chapter 13 would allow you to cure the vehicle over time. You have the ability to cure over time and pay the value on vehicles, mobile homes, and certain household appliances. This would be a chapter 13 bankruptcy. You can also cure and stop interest and penalties on certain types of taxes. Credit cards, medical bills, broken leases, cell phone contracts, oral contracts, payday loans, all fall into the the definition of unsecured debt. Unsecured debt or unsecured creditors will draw a percentage on the dollar as to what was owed. For example, you owe, $50,000 in the category of unsecured debt, depending on your exemptions, and a means test analysis, you may pay as little a 1% (one percent) on the dollar or as high as 100% (one hundred percent) .
A Chapter 7 bankruptcy is a liquidation bankruptcy. This phrase is scary, especially for residents of Harris County, because you may think that property is going to be given to the trustee. While it is true that property that is non-exempt , can be and will be taken by trustee and sole to pay your creditors, still most Harris County residents or about 95% of the Harris County bankruptcy are “no assets” cases. This means everything is exempt and you get to keep the property and still discharge the debt. If you are considering bankruptcy, remember this is a federal lawsuit. Busby & Associates has both knowledge, experience, and resources to see you through this chapter of your life.