You're wise to research Texas bankruptcy laws, which can help you decide which petition to file and what obligations you have in addition to filing bankruptcy forms. Generally, most Texans filing for Chapter 7 do so because they cannot pay more than the minimum on their bills, they can't erase their debt within five years or they have suffered some sort of medical emergency, divorce or job loss.
Most Texans filing Chapter 13 bankruptcy are employed, but they may be fearful of losing their property in foreclosure, they may owe lots of money in IRS tax debt or student loans that can't be mitigated by Chapter 7 and they have a desire to pay off their debts even if it takes years. Now let's look at some more specific Texas laws regarding bankruptcy.
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Texas bankruptcy laws mandate that you first pass a "means test" to determine your eligibility for Chapter 7 one. Usually, the courts look at your current income, your income over the past six months, your mortgage/car payment expenses and other living expenses. If you cannot pay at least $100 per month to unsecured creditors, then you may be eligible for total liquidation bankruptcy.
You may also be eligible if your income is less than $38,545 as a single wage earner or $54,908 for household income. If you have a family of three, you must be making less than $57,053 or $66,400 for a family of four. These numbers vary from state to state, so it's good that you read up on the forms and publications pertaining to Texas one. If you can't file for Chapter 7, you may still be eligible for a Chapter 13 debt restructuring bankruptcy.
The first step in navigating Texas bankruptcy laws is usually to hire a legal professional who will help steer you through this confusing process. The new bankruptcy law mandates that you attend some form of credit counseling within six months prior to filing, so you'll need to find an acceptable place to discuss your situation and your options even before you get your hands on the legal forms.
Next, you will work on filling out a lengthy petition document called your "Statement of Financial Affairs," which will include all your priority debts, all your secure debts, your unsecured debts, your creditors and your assets. Ideally, you will receive an "automatic stay" to stop creditor harassment and court proceedings against you or your property.
If you're filing bankruptcy forms in Northern Texas, you'll need to visit a court in Albilene, Amarillo, Dallas, Fort Worth, Lubbock, San Angelo or Wichita Falls. If you're filling out your legal forms in the south, you'll need to go to Brownsville, Corpus Christi, Houston, McAllen, Laredo or Victoria. Texas bankruptcy laws don't mandate that you exercise the power of attorney, but it's highly recommended to ensure all your paperwork is complete, accurate and filed in a timely manner. You must also fulfill your end of the bargain by attending any trustee meetings or mandatory credit counseling sessions.
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