Many people are under the impression that bankruptcy is the same no matter what state one lives in or is applying for bankruptcy. This is not the case as each state has their own rules and regulations that they follow for this type of financial relief. There are federal laws in place as well as state laws, and your Texas bankruptcy attorney knows how best to navigate these rules.
Texas Bankruptcy Considerations
Before proceeding with your bankruptcy the first thing that you are going to have to do is go through credit counseling through an approved program, and this has to be done six months before you file your bankruptcy. Then following your bankruptcy you will have to go through a financial management instruction program.
Next will be to determine whether you qualify for a Chapter 7 bankruptcy or whether you are going to have to go under the Chapter 13. In order to determine this you will have to complete a means test. This means test will mean taking a look at your average income for the six months prior to your filing.
Then you will have to have all of the paperwork completed in order to file for the bankruptcy that you are qualified for. You will really want to use an experienced bankruptcy attorney that handles bankruptcies in Texas to assist you with this. There are many forms and they can be complex to complete, and it is highly important that they are done accurately.
No doubt you are going to want to know what you could potentially lose by way of your assets in your bankruptcy. You have to be aware of what the exemption list is for Texas, and your professional legal guidance will assist you with this.