Helping You Get a Fresh Financial Start in Texas
No one should have to live with the stress that severe financial problems can cause. If you have substantial debts that you cannot repay, filing bankruptcy can give you the fresh financial start you need. After you file bankruptcy, you will be able to hold your head up again and face your future with a clean financial slate.
Our Practice Area links to the left provide some important information to help you with bankruptcy questions that you may have. Filing a Chapter 7 or Chapter 13 may protect your home and property from repossession and foreclosure; however, each of these chapters will apply in different ways depending on your circumstances.
Regardless, we want you to be familiar the bankruptcy process generally.
Initial Bankruptcy Process
Bankruptcy can stop collections and creditors immediately, but the process does take a while before you receive a discharge. Our experience and compassion will help you through this process. Generally, the initial bankruptcy process involves the following.
Initial Consultation
Your initial consultation in Houston or Beaumont is free. This consultation allows you to inform us about your financial situation. Our attorneys will evaluate your case and provide you the necessary information to begin the process.
The cost of your bankruptcy will be discussed at your initial consultation. The cost of bankruptcy depends on which chapter you file and how complex your financial situation is. The Maida Law Firm does not quote fees because each potential client's bankruptcy case is different, and we want to tailor our services specifically to your needs.
Beyond the attorneys fees required to file bankruptcy, you will be required to pay the following court required filing fee: Chapter 7: $306, Chapter 13: $218.
Means Testing
Since 2005, the means test has become the method of determining whether consumer bankruptcy relief under Chapter 7 should be presumed abusive. Our bankruptcy attorneys will assist you in your means test determination during your initial consultation to help you decide whether Chapter 7 or Chapter 13 is your best option. Remember that even though you qualify for a Chapter 7, you may have enough income to file a Chapter 13. We can help you evaluate your options.
Credit Counseling
You are required to pay for and attend a court-approved credit-counseling course before you file bankruptcy. The price for these courses are nominal and can range from $20 to $30. You may take it in our office if you do not have Internet access.
Full Disclosure of Assets and Debts
In order to take advantage of the federal bankruptcy laws, you must completely disclose all your assets and debts. Your assets are things that consist of real property such as your home and personal property such as cars, stocks, recreational vehicles, financial accounts, and other personal possessions. Debts include mortgages, loans, student loans, credit cards, domestic support obligations, and other debts. Our attorneys will assist you in filling out the required information concerning your assets and debts. You can be assured that our bankruptcy attorneys will help you every step of the way.
When your assets and debts are fully disclosed our attorneys will help maximize the amount of property you may keep (exempt) and help you achieve a maximum discharge of debt allowed under the bankruptcy code.
Failure to fully disclose your assets and debts may effect the outcome of your bankruptcy case and expose you to criminal prosecution.
Full Production of Documents
Disclosing your assets and liabilities also require documentation to support your claims. This documentation is collected before your case is filed. Our attorneys will identify for you what documents you will need to collect by providing a thorough checklist.
In addition, you must produce your previous four years tax returns. If you do not have these records with you, our attorneys have the IRS contact information you need to obtain the necessary transcripts.
Filing your Petition
With all of your documentation our office prepares your bankruptcy petition and other required documents. Our attorneys review the petition with you in our office and ensure that everything listed is true and correct. When a bankruptcy petition is satisfactory, it is filed and the bankruptcy proceeding before the court is started.
Creditor's Meeting
This is a standard meeting that occurs 30-45 days after your case is filed. A bankruptcy trustee is assigned to your case and reviews your petition for fraud, proper exemptions, and any irregularities. Creditors or creditors' attorneys are allowed to appear at the meeting and ask questions if they desire. We attend the meeting with you and guide you through any questions that are asked by the trustee.
This initial bankruptcy process information should not be used as a substitute for sound legal advice and is only intended to provide you with some summary information to help know what to initially expect when you file bankruptcy. Chapter 7 and Chapter 13 bankruptcies have some differences and additional steps in the process. Our attorneys will inform you of these differences during your consultation.
Contact Our Beaumont and Houston Bankruptcy Lawyers
Our Houston and Beaumont bankruptcy attorneys offer a free initial consultation to discuss your financial situation and answer your questions about debt relief. Whether you are interested in Chapter 7 debt liquidation or Chapter 13 reorganization, we can help. Contact our Beaumont office at 409-291-5117 or our Houston office at 713-987-3910 for your consultation.
