How do I file for bankruptcy?
- A bankruptcy case in Kernville and throughout Texas must be filed in federal bankruptcy court using official bankruptcy forms. There are three common types of bankruptcy — these include Chapter 7, Chapter 13 and Chapter 11. Each type requires you to disclose your finances: how much money you make, your latest tax returns, the balances of your financial accounts, and the value of your property. And, of course, all of the debts you owe. If you undergo a Chapter 7 liquidation, you must qualify by passing a means test to prove your assets and earnings are below your Texas’ income threshold. Those who qualify, must receive credit counseling from an approved agency prior to filing. With Chapter 13 debt consolidation, your secured and unsecured debts must be less than the levels set by federal law. You must prepare a plan to repay your creditors from your monthly discretionary income for 3 - 5 years. You also must receive credit counseling prior to filing. For those filing Chapter 11, federal law requires you to use an attorney. All bankruptcy filings charge fees, although in rare cases, the court may waive certain fees. If you’re at all uncertain about how to file for bankruptcy, The Law Firm of Richard L. Ellison P.C. is a local bankruptcy attorney who can offer valuable advice and even file the paperwork for you.