Your first task is to take up credit counseling from a legally approved training agency in San Antonio. Duration, of course, depends on advice from your attorney. After completing the course you can apply for the Bankruptcy San Antonio under chapter 7 or chapter 13. You need to fill up the petition form after consultations with your attorney. Apart from that, you should also submit many forms and schedules as attachments.
Chapter 7 Bankruptcy San Antonio – Forms and Schedules
The forms which you need to fill and submit along with the individual voluntary petition are B101A, B101B, B103A, B103B, B103, B104, B105, B106, etc. There are more than 25 forms which you have to fill up and submit to the court. The vast volume of data can become unmanageable unless you can take the help of a bankruptcy attorney in San Antonio. He can help you to fill the forms with accurate data.
Let us consider the form number 106-summary. You have to submit details of your real estate property as the first set of data. The regulations for the declarations come from schedule A/B of copy line 55, 62, and 63.
The next set of information is related to the total liabilities. Here, you can specify the details of your creditors. The section deals with both the secured and unsecured claims. Secured claims are those for which you have pledged as collateral security. It could be your real estate property or any other land or building. In some cases, it could also be your car, jewelry, or other personal property.
In the next section of the form, you have to specify your income and expenses. Form 106I is for income and form 106J is for expenses. You have to submit the summary information in this section.
Other expenses may include domestic support, taxes, personal injury, student loans, divorce, pension plan debts, etc.
Chapter 13 Bankruptcy San Antonio – Secured Claims
Chapter 13 Bankruptcy San Antonio is the best way to protect your home from selling for repaying the debts. Your debtors can’t claim towing San Antonio. Chapter 13 regulations protect not only your home but also the other assets from liquidation.
Such a provision for property protection is not available in chapter 7. Chapter 13 gives you such an option. However, the repayment should happen within a space of five years.
Automatic Stay – Relief from Liquidation
When you apply for Chapter 13 Bankruptcy San Antonio, there is an automatic stay on liquidation of your assets. It can stop all the debt recovery procedures and lawsuits against you. You can get a breather and ample time for repayment.
The trustee will assess the value of net debt and compare it with your income and expenses. Then he can decide on your repaying capacity. You may be required to repay the entire debt or part of it, depending on the decision of trustee.
You can choose chapter 7 or chapter 13 of the Bankruptcy San Antonio, depending on the advice of your attorney.