The first step in filing for bankruptcy is to be sure you're eligible. This guide shows the numbers for Chapter 7 and Chapter 13 bankruptcy eligibility with a focus on Texas law, guides you through the initial process, and helps you get a fresh start.
Texas Bankruptcy
If you're filing bankruptcy in Texas, you need an experienced lawyer to help. If you're unsure of what you're eligible for, what you might lose, how much money it will cost, among other points, you need to speak with a lawyer.
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Filing Chapter 7 Bankruptcy
To be eligible for Texas Chapter 7, you must be below the median income for a family of your size. So if you're a single person with no spouse or family and you make $60,000, for example, you would have to file under Chapter 13 bankruptcy in most cases. Why? New Bankruptcy Code has made it harder for higher earners to file Chapter 7, instead having them file Chapter 13.
Below are the basic numbers which will show you whether or not you are eligible for Chapter 7 in Texas.
Texas Eligibility
1 Person - Annual Income of $38,801
2 Residents - Annual Income of $55,660
3 Residents - Annual Income of $59,011
4 Residents - Annual Income of $66,145
Filing Chapter 13
This form is different, as you are not eliminating debts but paying some or all of it. You are quite likely eligible for Chapter 13, but in some rare cases where you owe hundreds of thousands in secured and unsecured debt, you may not be eligible. This too is where an experienced Texas lawyer can help.
If you have more than $336,900 in unsecured debts, or secured debts higher than $1,010,650, you are not eligible for Chapter 13. Unsecured debts are debts you have no collateral with, such as credit and medical debt; creditors can still go through collections however. Secured debts are typically higher, as they're for home and car, which can be taken back without payment.
Other Eligibility Notes
You cannot have filed for Chapter 7 bankruptcy in the past 8 years in order to be eligible. So if you filed only a few years ago, you must wait. You must also go through a one hour counseling session on bankruptcy or the courts won't hear your case.
Most Succeed
Most Chapter 7 and Chapter 13 bankruptcies go through, and in both cases you often get many benefits. You can literally discharge tens of thousands in debt, or you can save your home. And in most cases, filers lose absolutely nothing.
Filing for bankruptcy is filing for help. If you have more questions, contact an experienced Texas lawyer today.
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