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Limited partnership files for Chapter 7 bankruptcy in Texas

Bankruptcy is much more complex than many people realize. Many people don’t realize there are different bankruptcy types. In all cases, bankruptcy is a form of debt relief afforded to individuals and corporations unable to cope with vast amounts of debt. Depending on your individual circumstances, you may decide to file for Chapter 7, Chapter 11 or Chapter 13 bankruptcy. Chapter 7 is perhaps the most common type of bankruptcy, and thus often considered first.

S.E. Pack Hospitality Limited Partnership, facing debts of almost $2 million has filed for Chapter 7 bankruptcy. The LP owes the vast majority of the debt in fees, interest and unpaid principal to Texas State Bank, but an additional $76,000 comes from back taxes and another $50,000 from insurance. A Texas State Bank attorney was quick to point out that bankruptcy filing puts an automatic stay into effect that stops all foreclosure procedures.

Bankruptcy allows filers to manage their debt in a number of ways depending on which type of bankruptcy is filed. A Chapter 7 bankruptcy allows filers to discharge some types of debts entirely and reduce others. As previously mentioned, it also halts any form of foreclosure procedures and can eliminate creditor harassment by those who are owed parts of the debt.

Some people may fear that their assets will be forfeited during a Chapter 7 bankruptcy proceeding in order to pay off debt. For those that have this concern, it’s important to understand that such asset loss is subject to state law. While non-exempt property could be sold by courts, many types of properties are exempt under Texas law. If you file for Chapter 7 bankruptcy in Texas, you could be on your way to a fresh financial start without losing your home, car, boat or other such personal assets.

Source: KTRE.com, “Company that owns Nacogdoches’ Hotel Fredonia files for bankruptcy, delays foreclosure sale,” Donna McCollum, April 1, 2014

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