What is the process for filing for bankruptcy?

The process for filing for bankruptcy in Texas follows the same guidelines as the rest of the United States. To file, you must first obtain credit counseling from an approved credit counseling agency within 180 days before filing. After you have obtained credit counseling, you can then file a petition with the bankruptcy court in the area where you live or have a business. This petition will include information such as: income and expenses, property you own and debts you owe. Once the petition is filed, the court will issue an “automatic stay” that will prevent creditors from trying to collect on any debts. Then, a hearing will be held by a bankruptcy judge to determine the type of bankruptcy that is most suitable for you. Depending on your particular situation, you may be eligible for Chapter 7 or Chapter 13. After the hearing, your creditors will be notified of the outcome. If you are eligible for Chapter 7 bankruptcy, your debts will be discharged, and you will no longer owe them. If you are eligible for Chapter 13 bankruptcy, you must enter a repayment plan and make monthly payments for a period of three to five years. After all the payments have been made or the discharge of your debts has been obtained, the bankruptcy will be discharged, and you will no longer be responsible for the debts included in the filing. This process can take several months, depending on the complexity of your filing.

Related FAQs

What type of information will I need to provide to my attorney before filing for bankruptcy?
Can I still obtain a loan after filing for bankruptcy?
Is there a deadline for filing for bankruptcy?
Are there additional filing fees associated with filing for bankruptcy?
Are there any sites where I can get reliable information about bankruptcy law?
What are the differences between filing for Chapter 7 and Chapter 13 bankruptcy?
What will happen to my co-signers if I file for bankruptcy?
Are there restrictions on my ability to travel while filing for bankruptcy?
What is the difference between secured and unsecured debt?
What is an adversary proceeding?

What is the process for filing for bankruptcy?

Related FAQs

Related Blog Posts