Tuesday, October 23, 2012

Bankruptcy Filings Take a Tumble

Fewer South Texas consumers and businesses are filing for bankruptcy this year, with dramatic drops recorded in September according to the U.S. Bankruptcy Court Western District of Texas.

Much of the decline can be traced to a sharp drop in Chapter 13 filings. Just 146 consumers filed for Chapter 13 bankruptcy protection last month. Chapter 13 geneally allows consumers to restructure their debt into a payment plan over 3 to 5 years.

The other type of bankruptcy most often used by consumer Chapter 7, otherwise known as liquidation bankruptcy, is down as well for 2012. You can read more in the San Antonio Express News

For more information the types of bankruptcy and protection availiable from creditors visit www.bankruptcyattorneytx.com

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