When a person or an organization is no longer in a position to clear the debts against his or its name, then voluntarily or involuntarily bankruptcy is filed. In voluntary bankruptcies, the company or the individual file the case themselves when they realize that they cannot pay back to the creditors. In case of involuntary bankruptcy, the creditors themselves file a case of bankruptcy against the borrowers when they fail to pay them the amount owed within the stipulated tenure.
There are 8 bankruptcy courts in Texas in four judicial divisions of the state- Northern, Eastern, Western and Southern Texas. To get and review Texas bankruptcy records, you need to visit various websites that are recognized by government. They provide you with every necessary details of Texas bankruptcy. These online databases can provide you with bankruptcy and associated information. This includes Texas bankruptcy filings to Texas Federal Bankruptcy.
There are four chapters of bankruptcy, but two of the most important chapters are 7 and thirteen. Chapter seven gives you an opportunity to start everything afresh without paying anything to your creditors. Also, creditors must abide by the laws of court and thus cannot harass the bankrupt by calling up repeatedly, foreclose the property repossess the same. Chapter 13 of the bankruptcy law is all about organizing the debt. This is quite a strong tool used for repaying the borrowed amount to the creditors but this time, terms are in favor of the debtors.
Though bankruptcy is not a recent development, but since the last recession hit the US economy, it has become quite common. With so many big names contemplating filing for bankruptcy and small ones filing it, it has suddenly become a usual practice. This is evident from the rise in rate of cases being filed in 2007 and 2008. In 2007, 751,056 bankruptcy cases were filed nationwide, while in 2008 this count was raised to 967,831 cases -- a rise by nearly 29%. In Texas, there were 42931 bankruptcy cases filed in 2008.
Verify Texas Bankruptcy Cases Online
With rising internet users, accessing information on Texas bankruptcy is no longer a problem. The government-affiliated facility PACER is another search tool that has been very useful for the information seekers. PACER stands for Public Access to Courtroom Electronic Records. This is a paid service. If you want to avail it, you will require registering with it. The toll free number lets you reach them at any hour.
This facility is very helpful for anyone seeking information on Texas bankruptcy record, be it police, detective, researcher, reporter or any individual. In lieu of a very marginal fee, you can download the document and take out the print so that you can preserve the information for later usage. These websites provide you with additional information and tips that can help you deal with bankruptcy related issues. One state specific feature of Texas bankruptcy is its exemption. In Texas, you can opt for either exemptions set by federal law or the state law.
If you opt for Texas exemptions, you can keep your home only if it is below 10 acres in town or below 100 acres out of town. You can keep personal assets worth $30,000, one vehicle, a specific count of bovine and livestock. You can keep tools of your trade. This includes equipment used in farming and ranching, boats, vehicles and books. Right to keep compensations for unemployment, veterans, and workers stays with the bankrupt. Also, you can keep heirloom, sports equipment, home furnishings, trade equipments, health aids, plot for burial, insurance and retirement benefits and equipment of farming and ranch.
There are separate clauses of exemptions for the veterans in Texas. Veterans are privileged as they are exempted from the seizure of their benefits except for two cases. The exemption is regarded as invalid if they invest the benefit on a venture that is, as per the bankruptcy code regarded as permanent. And the benefit can be seized if the beneficiary has a child support by the court order. In simple terms, if you are a veteran filing for bankruptcy and you receive $1000 every month as benefit, you can claim child support. But as soon as you cash the check, the amount is confiscated for payments to be made for the child support.
Online database helps you obtain all necessary information on bankruptcy in Texas that includes Dallas Texas bankruptcy as well. Just find such a site, log on to it and search and verify these records.