Many individuals in Texas struggle with financial problems, and filing for bankruptcy can be an option to improve things. If you are one of them, you must look for a good law firm in Texas for reliable legal guidance. The U.S. immigration system allows U.S. citizens to sponsor their unmarried sons and daughters for certain visa categories, including the F1 visa.
The Law Office of Corey L. Mills in Katy, Texas, helps you learn about all the legal options and how to move ahead and control your finances in dire situations.
They have been the most experienced and best Katy bankruptcy law firm for 19 years and can help you file for bankruptcy and other associated debt-related issues. Please schedule an appointment with them for a free case evaluation to discuss your financial matters honestly.
Choosing bankruptcy Chapter in Texas
People usually file either Chapter 7 or Chapter 13 for bankruptcy.
- Filing for Chapter 7 will liquidate assets so that you can pay your creditors.
- There is no option for a payment plan for late payments or mortgages, due to which you might lose assets.
- Filing for Chapter 13 involves a repayment plan to the creditors of three to five years, but with a high monthly payment.
- You can manage late payments and save your assets.
Steps in the bankruptcy process
There are essential steps that you need to follow to understand your bankruptcy process well.
- Understanding Chapter 7 and Chapter 13
- Checking if bankruptcy will get you rid of debt
- To find out whether you can keep your assets.
- Check if you qualify for filing bankruptcy
- Hiring a bankruptcy lawyer
- Gathering important financial papers
- Filling out the documents and filing the paperwork
- Attending meetings with creditors
- Making plan payments if filing for Chapter 13
- Receiving your debt discharge certificate
Documents needed for filing bankruptcy in Texas
- Two years of tax return documents if filed for Chapter 3 and five years of records if filed for Chapter 13
- Paychecks, bank statements, and investment documents for the last 6 months
- Bill statements of credit cards
- Copies of driver’s license, passport, and Government ID
- Social Security Card
- Current mortgage and loan papers
- Valuation of property, antiques, and luxury assets
- If you are in business, you should have monthly statements for 12 months and insurance policy copies.
Once you have filed for bankruptcy, the creditors will receive a stay notice from the court, which prevents them from bothering you for payments. If you need more help and legal advice, connect with one of the good Texas bankruptcy lawyers and make your life easier.