Filing for Bankruptcy? Know Your State Specific Requirements

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Filing for Bankruptcy? Know Your State Specific Requirements

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When you find no other way out of the huge financial mess, bankruptcy might be an excellent option to get rid of your debts. However, it is important to understand that despite bankruptcy being governed by federal laws, it is not the same in every state. Apart from federal laws, state rules and regulations are also equally important, say lawyers of Dallas based bankruptcy law firm Recovery Law Group. It is therefore vital that you hire attorneys who are well versed with the state laws regarding bankruptcy as well as the exemptions provided during the process.

When any individual files for bankruptcy, there are various factors to be kept in mind. These include:

  • You are required to complete a government-approved credit counseling program, six months before you file for bankruptcy.
  • Once you file for bankruptcy, you are expected to complete a financial management instruction program.
  • The next step is very important as it determines when you will get a discharge. Your finances are studied to determine whether you can qualify for Chapter 7 bankruptcy (pass the means test). If your average income for the past six months is less than the state median, you can opt for Chapter 7, otherwise, your option is Chapter 13 bankruptcy.
  • Paperwork is filed according to the Chapter of bankruptcy the debtor qualifies for.

Though you can file for bankruptcy without a lawyer too, it is advised to hire experienced lawyers since the paperwork can be quite complex. If you wish to have a successful bankruptcy discharge, you should have your papers in order. To do so you need the assistance of qualified lawyers. You can schedule an appointment with experienced bankruptcy attorneys Dallas by calling 888-297-6023. A lawyer can help protect the majority of your assets through the exemptions provided by your state.