Filing for bankruptcy in Plano has certain requirements that those filing must meet. There are also specific fees that they must pay. Read on to learn more about the requirements to file bankruptcy, as well as any associated bankruptcy filing fees.
What are the bankruptcy filing fees?
There are numerous bankruptcy filing fees. Anyone who files for bankruptcy has to pay for pre-filing credit counseling as well as the filing fee. The credit counseling may be as much as $100, though if you qualify you may receive free or reduced costs counseling. Meanwhile, the fee to file for Chapter 7 bankruptcy is $335, and for Chapter 13 it’s $310.
You might face other fees along the way, and you must pay for your attorney as well. Talk to your lawyer about the fees you can expect, as well as the attorney fees you must pay. Understanding how much you can expect to pay is important as you begin the process.
What are the requirements to file bankruptcy?
The first step is to pass the means test. If you fail it, then you are ineligible to file for Chapter 7 bankruptcy and may instead be able to file for Chapter 13 bankruptcy.
The means test first looks at whether your monthly income is below that of the median income – taking into account household size – in Texas. If your income is higher, then the test looks at your income after you have paid for various expense. If your disposable income is sufficient to pay your debts, you may not qualify for Chapter 7.
You also may not have filed bankruptcy within a certain amount of time. The time you have to wait between bankruptcy filings varies. Also, you must not have recently racked up charges on credit cards or made any big purchases. This could be considered fraud.
The information that you’ll need to file for bankruptcy is below.
- Credit card accounts
- Loans in your name
- Information regarding all property and assets
- Bank accounts
- Personal debts to friends or family members
Every creditor must be accounted for, along with recent statements and account numbers. It is considered fraud to omit any of these accounts.
Should I file for bankruptcy?
Every case is different. For some, filing for bankruptcy is their best option. For others, paying debts without going through the bankruptcy process may be the best option. Consider the amount of debt you have, your assets (you can exempt some assets in Chapter 7 liquidation – which helps pay your creditors – and may keep assets in Chapter 13 bankruptcy), and your income.
Bankruptcy allows some people to move past bad financial decisions or money management. Keep in mind there are certain consequences of filing of which filers should be aware. This includes the impact of the bankruptcy on your credit report, which might affect your ability to take out loans. Talk to a lawyer about your case and whether this may be a good option for you.
Do I need a lawyer to file for bankruptcy?
You are not required to have legal representation to file for bankruptcy. As long as you meet the requirements to file bankruptcy and pay and bankruptcy filing fees, you may handle the case yourself. However, many benefit from hiring a lawyer, as the process can be overwhelming and confusing. An attorney can help you demonstrate that you meet the requirements.
Talk to a bankruptcy lawyer at Warren & Migliaccio if you’re in the Plano area and are filing for bankruptcy or considering filing. Call us at 888-584-9614 or use our contact form.