Steps for Filing Bankruptcy

How to file bankruptcy in Houston

A Houston bankruptcy filing is a process that should be managed by an experienced attorney who is familiar with bankruptcy litigation.  Seek the guidance of experienced Houston bankruptcy lawyers when considering whether to file any type of bankruptcy.

Filing for Chapter 7 bankruptcy

A bankruptcy filing is made in bankruptcy court when an official petition is filed along with a Statement of Financial Affairs.  This statement contains a detailed list of all debts, including:

• All priority debts (including taxes)
• All secure debts such as home mortgages and auto loans that have property as collateral
• All unsecured debts, such as credit card debts

Other information provided on the Statement of Financial Affairs includes:

• Names and addresses of all creditors
• All assets and all personal property

The Statement of Financial Affairs must be complete and accurate.  Failure to list assets may be seen as an attempt to hide them from creditors, and may result in denial of debt discharge and bankruptcy fraud charges.

Filing for Chapter 13 bankruptcy

A Statement of Financial Affairs must also be provided when filing for Chapter 13 bankruptcy litigation.  It must include:

All businesses owned Income from employment or business operations All other income Payments to creditors within 90 days of filing Payments to inside creditors such as relatives and partners within one year Payments for debt counseling, bankruptcy consultation, attorney fees All property, including garnished or seized Property repossessed within one year Property transferred to a trust within 10 years Property held for another person

Property transfers made within two years Assignment of property for creditors within 120 days Litigation within one year Gifts and charitable contributions made within one year Losses from fire, theft, and gambling within one year Financial accounts within one year Location and contents of safe deposit boxes Setoffs made to creditors All premises occupied within the past three years. Names and addresses of spouses and former spouses

The court-appointed trustee takes control of property not eligible to be retained. From the sale of that property, the trustee pays the administration expenses then any remaining money to creditors.

341 Meeting

After the bankruptcy is filed, the person filing appears at a first meeting of creditors, also known as a 341 meeting, to answer questions about property and debts under oath.  After the 341 meeting, creditors have 60 days to make arguments against the bankruptcy.

Consult with us

The Houston bankruptcy lawyers at Jack N. Fuerst & Associates, P.C. offer all clients a free initial consultation.  We also offer evening and weekend appointments for the convenience of our clients.  Please contact Jack N. Fuerst & Associates, P.C. at 1-866-641-0123 or contact us online.