Can Self-Employed Individuals File for Chapter 13 Bankruptcy in Texas?

Robert Joseph • September 29, 2023

Being self-employed can sometimes come with its fair share of uncertainties and financial challenges. If you're struggling with unmanageable debt and considering filing for Chapter 13 bankruptcy, you may be wondering if it's possible to do so as a self-employed individual. The good news is that self-employed individuals can indeed file for Chapter 13 bankruptcy, however, there are some key things to keep in mind before doing so. This blog post will explain Chapter 13 bankruptcy, who qualifies for it, and what self-employed individuals should know before filing.


What is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is a type of bankruptcy designed for individuals with a regular income who are struggling with debt but want to keep their assets, such as a home, vehicle, or business. Essentially, Chapter 13 bankruptcy allows you to restructure your debt into a manageable payment plan over a period of three to five years, while still allowing you to keep your property and continue earning income.


Who Qualifies for Chapter 13 Bankruptcy?

To qualify for Chapter 13 bankruptcy, you must have a regular income and your unsecured debts (credit card debt, medical bills, personal loans) cannot exceed $419,275, while your secured debts (mortgage, car loan) cannot exceed $1,257,850. Additionally, you must have completed credit counseling from an approved agency before filing for Chapter 13 bankruptcy.


What Self-Employed Individuals Should Know About Chapter 13 Bankruptcy

As a self-employed individual, you may be wondering how your income and assets will be affected by Chapter 13 bankruptcy. It's important to note that your business won't be directly affected by the bankruptcy filing, so long as it's a sole proprietorship or a single-member Limited Liability Company (LLC). However, your income and business-related assets will be factored into the payment plan to determine your monthly repayment amount.


Additionally, unlike an individual who receives a regular paycheck, your income may fluctuate from month to month, which can make it challenging to create a repayment plan. However, your bankruptcy attorney can work with you to create a repayment plan that is tailored to your unique financial situation.


If you're a self-employed individual in Texas and are struggling with debt, filing for Chapter 13 bankruptcy may be an option worth exploring. However, before doing so, it's essential to fully understand the bankruptcy process and how it may impact your assets and income. By working with an experienced bankruptcy attorney, you can create a repayment plan that is both manageable and tailored to your financial needs.

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Why You Need the Services of an Intellectual Property Attorney

October 31, 2023
The world is now driven by creativity and innovation, which is why intellectual property (IP) has become a valuable asset for individuals and companies alike. With the rise of IP, the demand for knowledgeable and experienced intellectual property attorneys has also increased. In Texas, for instance, the number of IP attorneys has skyrocketed in recent years. But why exactly do you need an intellectual property attorney? In this blog post, we will explain why having a legal expert by your side is crucial in protecting your intellectual property.  1. Protecting Your Patents and Trademarks If you have a unique invention or a brand name that sets you apart from others, you need to protect it from being used by others without permission. Patents and trademarks are necessary when it comes to intellectual property protection. An intellectual property attorney can help you register your patents and trademarks, and provide legal assistance in case your rights are infringed upon. 2. Ensuring Confidentiality An IP attorney can help you maintain confidentiality over your valuable information, such as trade secrets and strategic plans. By doing so, you can stay ahead of your competition and maintain your competitive edge. 3. Minimizing Litigation Risks When it comes to IP, litigation is a common scenario. An intellectual property attorney can help you minimize litigation risks by providing legal advice and guidance that can help you avoid disputes and resolve any conflicts swiftly. 4. Providing Business Growth Opportunities An IP attorney can help you identify potential opportunities for business growth through various licensing and partnership agreements. They can help you monetize your intellectual property, expand your market and provide additional sources of income. In conclusion, the services of an intellectual property attorney are necessary in every business venture. They can help you protect your intellectual property, minimize litigation risks, ensure confidentiality and provide business growth opportunities. In Texas, the demand for IP attorneys has increased significantly in the recent past, highlighting the importance of protecting IP assets. With the help of a competent IP attorney, you can ensure that you have legal protection in place for your intellectual property and avoid any legal complications that may arise. So, if you are a Texas resident, contact an IP attorney today and get the legal guidance you need.