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To file for Chapter 7 bankruptcy, you must first determine if you qualify. To do this, you must pass the means test. The means test looks at your income and compares it to the median income in your state. If your income is below the median income, you will qualify for Chapter 7 bankruptcy.
- Gather Your Documents
Once you have determined that you qualify for Chapter 7 bankruptcy, you will need to gather all of the required documents. These documents include your most recent tax return, pay stubs, bank statements, and a list of all of your debts and assets.
- Choose a Bankruptcy Attorney
While you are not required to have an attorney to file for bankruptcy, it is highly recommended that you do so. An experienced McAllen bankruptcy attorney will be able to guide you through the process and ensure that everything is done correctly; maximizing your chances of a successful debt elimination and the greatest asset protection possible.
- File the Petition
Once you have gathered all of the required documents and chosen an attorney, you will need to file the petition with the bankruptcy court in your district. The petition will include all of your financial information as well as a list of your creditors.
- Attend the Meeting of Creditors
After you have filed the petition, you will be required to attend a meeting of creditors. This meeting gives your creditors an opportunity to object to your discharge or ask questions about your case.