Form 89-117 Insolvency Settlement Proposal - Texas

What Is Form 89-117?

This is a legal form that was released by the Texas Comptroller of Public Accounts - a government authority operating within Texas. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form 89-117?
A: Form 89-117 is the Insolvency Settlement Proposal form used in Texas.

Q: What is an Insolvency Settlement Proposal?
A: An Insolvency Settlement Proposal is a document that outlines a proposed agreement between a debtor and their creditors to settle outstanding debts.

Q: Who uses Form 89-117?
A: Form 89-117 is used by individuals or businesses in Texas who are seeking to propose a settlement agreement with their creditors.

Q: What information is required in Form 89-117?
A: Form 89-117 requires information about the debtor's financial situation, assets, liabilities, and proposed settlement terms.

Q: Is using Form 89-117 mandatory in Texas?
A: Using Form 89-117 is not mandatory, but it is a commonly used form for proposing a settlement agreement in Texas.

Q: Can Form 89-117 be used for bankruptcy filings?
A: No, Form 89-117 is specifically for proposing a settlement agreement and cannot be used for bankruptcy filings.

Q: Do I need a lawyer to fill out Form 89-117?
A: While it is not required to have a lawyer, it is recommended to seek legal advice when preparing an Insolvency Settlement Proposal using Form 89-117.