Practice Areas

Bankruptcy

Texas Bankruptcy Lawyer

At Efron & Efron, Inc., in San Antonio, Texas, we have extensive experience representing debtors in Chapter 7, Chapter 11 and Chapter 13 bankruptcy filings. We represent bankruptcy clients throughout southern Texas, including San Antonio, Boerne, Hondo, Fredericksburg, Seguin, New Braunfels, Floresville, and the counties of Bexar, Comal, Guadalupe, Kendall, Medina, Wilson, and Gillespie.

When you file a petition for bankruptcy, an “automatic stay” immediately goes into effect, prohibiting creditors from making any further attempt to collect debts. The automatic stay prohibits lawsuits, collection calls and letters.

A Chapter 7 bankruptcy, also known as liquidation bankruptcy, customarily takes four to twelve months to complete. If you file a Chapter 7, you will be allowed to keep certain “exempt” assets and required to sell all other assets, under the supervision of the bankruptcy court. When your Chapter 7 proceeding is finalized, your debts are completely discharged. Most Chapter 7 filings are by individuals, but businesses may also take advantage of Chapter 7.

A Chapter 11 bankruptcy is a business reorganization. In a Chapter 11 filing, a plan of reorganization is formulated that permits the business to settle its outstanding obligations over time, while allowing the business to continue operating. The bankruptcy court must approve all significant business decisions.

A Chapter 13 bankruptcy allows individuals to consolidate or restructure their debt and repay creditors over a 3-5 year period. Chapter 13 requires that the debtor have a regular source of income. The debtor pays into the bankruptcy court and the bankruptcy trustee ensures that creditors are paid. At the end of the payment period, the debtor emerges with all his or her assets and no debt.

If you have any further questions or want to make an appointment to speak with one of our lawyers, contact us.