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How to File for Bankruptcy in Houston, Texas: Essential Considerations
Filing for bankruptcy in Houston, Texas can be a daunting process. However, with the right information and guidance, you can navigate this financial challenge successfully.
Understanding Bankruptcy Types
Chapter 7 Bankruptcy
Chapter 7, often referred to as 'liquidation bankruptcy,' involves the sale of a debtor's non-exempt assets to pay creditors. It's important to determine who can file chapter 7 bankruptcy to understand eligibility criteria.
Chapter 13 Bankruptcy
Chapter 13 is known as 'reorganization bankruptcy.' It allows individuals to keep their property while repaying debts over time, usually three to five years.
Steps to File for Bankruptcy
1. Pre-Filing Considerations
Before filing, it’s crucial to gather all financial documents, assess your debts, and consider alternative options.
2. Credit Counseling
Attend a credit counseling session from an approved agency within 180 days before filing. This step is mandatory for both Chapter 7 and Chapter 13 cases.
3. Filing the Petition
Submit your bankruptcy petition to the court. This includes detailed schedules of assets, liabilities, income, and expenditures.
- Complete Form B101, the Voluntary Petition for Individuals.
- Include Form B106, which details your financial status.
After Filing: What to Expect
Once you file, an automatic stay goes into effect, preventing creditors from pursuing collection actions. You will attend a meeting of creditors, known as a 341 meeting, to discuss your financial situation with the trustee.
Potential Challenges and Considerations
Consider consulting with a qualified attorney, such as an nc bankruptcy attorney, to help navigate complex legal proceedings and ensure your rights are protected.
FAQ
What is the cost of filing for bankruptcy in Houston, Texas?
The cost can vary, but generally, Chapter 7 filing fees are around $338, while Chapter 13 fees are approximately $313. Additional attorney fees may apply.
How long does the bankruptcy process take?
Chapter 7 bankruptcy typically takes three to six months, whereas Chapter 13 may take three to five years, depending on your repayment plan.
Can I keep my house if I file for bankruptcy?
It is possible to keep your home under both Chapter 7 and Chapter 13, depending on exemptions and your ability to continue mortgage payments.
The cost for filing a Chapter 7 bankruptcy is $306. This fee may not be waived but you may be able to pay it in installments. The fee of $281 for a Chapter 13 ...
Go to the Federal Court Finder page, select "Bankruptcy" in the drop-down box, and enter your location. You'll also find the court's local rules and ...
If you pass the means test, an accomplished Chapter 7 bankruptcy attorney begins filling out the forms and documentation necessary to file in court. At the Law ...
