Personal bankruptcy in Texas can be a tedious, stressful and even an embarrassing experience, but there are ways to handle financial situations while maintaining the right to personal property. There are a number of options one can choose from when facing the repercussions of bankruptcy.
The Texas Bankruptcy Law identifies the strategies one can apply to personal bankruptcy situations. The Law states that under a Chapter 13 bankruptcy, a debtor proposes a 3-5 year repayment plan to creditors offering to pay off all or part of the debts from the debtor's future income. Individuals may use Chapter 13 to prevent foreclosure on homes and stop interest from accruing on tax debt, among other financial tensions. Those who choose a repayment plan must follow the terms of agreement in order to purge remaining dischargeable debt at the end of the plan. To file Chapter 13 bankruptcy, an individual must have a steady source of income.