Ector County, TX bankruptcy homes available in TX. Find the best deals on the market in Ector County, TX and buy a property up to 50 percent below market value. Shop around and act fast on a new real estate investment in your area. Compare attorneys in Ector County, Texas on Justia. Comprehensive lawyer profiles including fees, education, jurisdictions, awards, publications and social media. All of the property you own when you file for bankruptcy, except for most pensions and educational trusts, become part of what is known as your “estate” when you file for karacto.xyz bankruptcy trustee—the official responsible for overseeing your matter—will assume control of the property in your bankruptcy estate throughout your case.
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Get an alert! Displaying 1 - 2 of 2. Refine Search. Update Cancel. Want more information on listings? The trustee is also able to bring actions against both the creditor or debtor in a bankruptcy filing in order to recover property of the estate.
A bankruptcy discharge removes the obligation and liability from the debtor for certain debts. The debtor can no longer be held responsible to repay the debts that were discharged in a bankruptcy. This is a permanent and the creditor can no longer pursue the debtor for repayment of any kind. It is illegal for the creditor to pursue any form of collection action against the debtor for a discharged debt including written correspondence or phone calls.
A discharge removes personal liability, but any liens that were not voided in the bankruptcy remain valid. For Chapter 7 cases, a discharge may take place in as little as 4 months from the filing of the bankruptcy petition. For Chapter 12 and 13 cases, the discharge only takes place AFTER all re-payments have been made to fulfill the payment plan outlined in the bankruptcy case. This is normally in years. If their income is less than the state median income, they can file for Chapter 7 bankruptcy.
The debtor may rebut a presumption of abuse only by a showing of special circumstances that justify additional expenses or adjustments of current monthly income. Bankruptcy rules and procedures are written in Title 11 of the United States Code, these are referred to as the Federal Rules of Bankruptcy. Most of the bankruptcy process is administrative. For Chapters 7, 12, and 13 the bankruptcy trustee performs most of these administrative activities.
Potential individual bankruptcy filers must complete a credit counseling class and receive a certificate prior to actually filing for bankruptcy. This can be done online in about an hour.
There are certain exemptions to the assets that the Debtor is entitled to keep. In general, there are little to no assets that the Debtor has to liquidate, so the Creditors will not receive anything under this type of bankruptcy filing. In most circumstances, the Debtor is an individual and will receive a discharge that releases them from the liability of the debts. It usually takes a few months from the initial filing to the receiving of the discharge. Chapter 13 is designed for a Debtor who has a regular source of income.
In making its decision, the court looks to the requirements for determination under the U. Bankruptcy Code. Chapter 13 is different from Chapter 7 because the Debtor usually remains in possession of the property usually the house , and makes payments to the Creditors for the duration of the payment plan. Also a difference from Chapter 7, is that the Chapter 13 Debtor does not receive a discharge until all the payments required under the plan are made. One other advantage is that the discharge under Chapter 13 is broader than under Chapter 7 ie.
Chapter 11 is normally used by commercial enterprises that wish to keep operating a business and repay Creditors through a debt repayment plan approved by the bankruptcy court. During the first days, the Debtor has the exclusive right to file a plan of reorganization and provide Creditors with a disclosure statement that provides the Creditors with enough information to evaluate the plan.
The bankruptcy court makes the ultimate decision to approve or reject the reorganization plan. Under the plan for reorganization, the Debtor can reduce its debts by discharging some or repaying only a portion of its obligation under the original debt.
Under this Chapter, the Debtor undergoes a period of consolidation and leaves with a reduced debt load and reorganized business. Chapter 12 is written specifically for farmers of fisherman. The procedures under Chapter 12 are very similar to those under Chapter Like Chapter 13, under Chapter 12, there is also a trustee appointed to to disperse payments to Creditors.
Under Chapter 12, a fisherman or farmer is able to continue operating a business while the repayment plan is carried out. A Chapter 9 bankruptcy allows for a municipality city, town, county, school district or other public entity , to undergo a reorganization that is very similar to that available to commercial enterprises under Chapter