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We have made a bad business investment and might have to file bankruptcy in Texas. Is Chapter 7 the right type?
Unfortunately, we made a series of bad business investments earlier this year while trying to open a second store. We have now fallen far behind in all of our personal credit card payments and are wondering if we should just go ahead and file a Chapter 7 bankruptcy here in Texas. Would that be the right chapter for us?
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Answers (1)
Bankruptcy court proceedings are rather uniform since they’re handled through the federal court system. However, certain state laws can affect how different property exemptions are viewed and whether or not you’re qualified to take them. It would be very wise for you to meet with a Texas bankruptcy attorney to be sure a Chapter 7 filing would be the most appropriate one in light of your personal and business needs.
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Posted by Elizabeth Smith on 21 Jan 2010
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