While bankruptcy can offer many benefits to Texans who find themselves faced with seemingly insurmountable debt, it’s not at all as simple of a process to file for Dallas Texas bankruptcy as you might think. Seeking the protection of a bankruptcy proceeding can be a very complex matter and there are a number of things which debtors must do before even officially filing for bankruptcy with their local federal bankruptcy court.
The first step in filing for Dallas Texas bankruptcy is to seek out and receive consumer credit counseling from a counseling service which bears the approval of the bankruptcy court. Contact information on these service providers is available from bankruptcy courts and while these services are not free, the cost may be lowered or waived altogether depending on the debtor’s income and other factors. Online consumer credit counseling is also available, which makes it easier for debtors to meet the requirements set by the bankruptcy court.
The counselor will issue a certificate to the debtor upon completion of counseling; this document must be included as an attachment when filing for bankruptcy protection. If the debtor has not completed counseling or has not included this certificate along with their filing, it may be dismissed and any filing fee paid will be lost. There are some cases where the requirement for consumer credit counseling may be waived, but this is not the case for most people who file for a Dallas Texas bankruptcy.
In addition to this certificate, the debtor must also file schedule forms which pertain to their creditors and their assets as well as a means test which determines whether Chapter 7 or Chapter 13 bankruptcy is more appropriate in their case. This form will include information on the debtor’s monthly income minus an allowance for reasonable household expenses.
Debtors seeking a Dallas Texas bankruptcy must also pay a filing fee; this may be paid in cash or with a check or money order. The filing fee may also be paid in installments if paying the entire fee in a lump sum is not a realistic option for the debtor. The fee may also be waived if requested if the debtor’s income falls under a certain amount; but it is up to the debtor to make this request.
No one said that filing for a Dallas Texas bankruptcy was easy, but sometimes it’s the only way out of a bad situation. It’s important to make sure that you pay attention to the details during the process of filing, since if forms and schedules are not filed or filing fees not paid in a timely manner, the debtor’s petition will be dismissed, leaving them exactly where they were before they embarked on the process of filing for bankruptcy protection.
When you’re ready to get out from under the crushing debt load and begin a new debt-free life, contact Dallas bankruptcy lawyer Rustin Polk by clicking here. Tell our Appointments Coordinator, Kimberly, that you are a website reader and she will set you up with a free, no obligation appointment to learn how we can help you.