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Chapter 13 Bankrtupcy and Chapter 7 Bankruptcies are really for two difference circumstances. When a debtor simply has too much debt, but little property, then (if eligible) a Chapter 7 Bankruptcy may be the best ticket to relief. However, when a debtor has both a lot of debt and a lot of property, especially a home, then oftentimes a Chapter 13 functions to force mortgage companies to allow a debtor time to "catch up" on mortgage arrears (it works the same with other collateralized loans). Unsecured, or non-collateralized creditors are paid only cents on the dollar in most Chapter 13 bankruptcies. If mortgage arrearages are not a problem, and if there are a lot of medical bills, or perhaps a large amount of credit card debt, then a Chapter 7 can work to cancel or "discharge" those debts. Either way, Andrew J. Bolton stands ready to assist you in making the correct choice. |
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For Obligors ("the payors") with a net monthly income of less than $7,500.00, the Texas Family Code Section 154.125 sets forth guidelines for the payment of child support. Generally, Texas courts favor keeping the monthly child support obligation within such guidelines. Nevertheless, the Family Code does provide for a variance from the guidelines (up or down) depending upon other factors. These factors include circumstances such as: whether the Obligor has an obligation to support other children; the age and needs of the child; other financial resources available to support the child; the ability of parents to contribute to the support of the child; and special or extraordinary educational, health care, or other expenses of the parties or the child. This is not an exhaustive list. You should consult a competent attorney to further discover the possibilities of a variance from the guidelines in your situation.
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