This form is a Summary of Schedules. The summary of schedules lists the name of the schedules, the number of sheets, assets, and liabilities.
Texas Summary of Schedules - Form 6CONTSUM - Post 2005
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Multi-State
Control #:
US-BKR-F6CS
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How to fill out Summary Of Schedules - Form 6CONTSUM - Post 2005?
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FAQ
If your company owes a current employee wages when it files for Chapter 11, then the employee's paychecks should not be interrupted. The company will ask the court's permission to keep paying its employees as long as it stays in business.
A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a "reorganization" bankruptcy. Usually, the debtor remains ?in possession,? has the powers and duties of a trustee, may continue to operate its business, and may, with court approval, borrow new money.
The federal government, as well as 42 states, have a homestead exemption that allows a person filing for bankruptcy to protect a certain amount of equity in a home. The federal exemption, which changes every three years, is $25,150 until April 2022. State exemptions may be higher or lower.
Examples of nonexempt assets that can be subject to liquidation: Additional home or residential property that is not your primary residence. Investments that are not part of your retirement accounts. An expensive vehicle(s) not covered by bankruptcy exemptions.
Chapter 7 is a ?liquidation? bankruptcy that doesn't require a repayment plan but does require you to sell some assets to pay creditors. Chapter 11 is a ?reorganization? bankruptcy for businesses that allows them to maintain day-to-day operations while creating a plan to repay creditors.
Chapter 7 is your better bet if you are hopelessly awash in debt from credit cards, medical bills, personal loans, and/or car loans and your income simply cannot keep up. As noted above, you're most likely going to get to keep most of your assets while erasing your unsecured debt.