If you’re considering filing bankruptcy in Fort Worth, TX, you’ll need to understand the types, costs, as well as some helpful advice to finding good attorneys.

Am I Qualified for Bankruptcy?

Filing for bankruptcy is a complex legal process designed to provide individuals and businesses with a fresh financial start when they are overwhelmed by debt. In Fort Worth, Texas, as in the rest of the United States, there are certain qualifications and requirements that individuals must meet to be eligible for bankruptcy relief.

Chapter 7 Bankruptcy Eligibility in Fort Worth, TX:

1. Means Test: To qualify for Chapter 7 bankruptcy in Fort Worth, you must first pass the means test. This test compares your income to the median income for a household of your size in Texas. If your income is below the median, you generally qualify for Chapter 7. However, if your income exceeds the median, you may still qualify if you can demonstrate that your disposable income after allowable expenses doesn’t leave you with the means to repay your debts. This requires a detailed financial analysis.
2. Previous Bankruptcy Filings: If you have previously filed for Chapter 7 bankruptcy and received a discharge, you must wait at least eight years from the date of your previous filing before you can file for Chapter 7 again.
3. Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) Requirements: BAPCPA imposes additional requirements, including credit counseling and debtor education courses, which must be completed by anyone filing for bankruptcy in Fort Worth or elsewhere in the U.S.
4. Adequate Documentation: You must provide accurate and complete financial information in your bankruptcy petition, including your income, expenses, debts, assets, and financial transactions.

Chapter 13 Bankruptcy Eligibility in Fort Worth, TX:

Chapter 13 bankruptcy, often called a “wage earner’s plan,” is designed for individuals with a regular income who want to repay their debts over time through a court-approved repayment plan. The eligibility criteria for Chapter 13 bankruptcy in Fort Worth, Texas include:

1. Steady Income: To file for Chapter 13 bankruptcy, you must have a regular source of income that allows you to make monthly payments to a bankruptcy trustee. This income can come from various sources, including employment, self-employment, Social Security, or other benefits.
2. Debt Limitations: There are limits on the amount of debt you can have to qualify for Chapter 13. These limits are subject to change and should be verified with updated information.
3. Adequate Documentation: As with Chapter 7, you must provide accurate and complete financial information in your Chapter 13 bankruptcy petition. Additionally, you must propose a feasible repayment plan that meets the requirements of the Bankruptcy Code.
4. Prior Bankruptcy Discharge: If you previously received a discharge in a Chapter 7 case, you must wait at least four years from the date of that discharge to file for Chapter 13 bankruptcy. If you previously received a Chapter 13 discharge, you may need to wait two years before filing another Chapter 13 case.
5. Credit Counseling: As mandated by BAPCPA, you must complete a credit counseling course from an approved agency before filing for Chapter 13 bankruptcy.

It’s important to note that bankruptcy laws can change over time. Additionally, bankruptcy is a complex legal process, and eligibility can be affected by various factors specific to your financial situation. Therefore, it’s highly advisable to consult with an experienced bankruptcy attorney in Fort Worth, Texas, who can provide personalized guidance based on your circumstances and the most current bankruptcy laws and regulations. An attorney can help you assess your options, navigate the bankruptcy process, and make informed decisions about your financial future.

RESOURCES:

Do You Need a Lawyer to File For Bankruptcy in Fort Worth, TX?

Whether you need a lawyer to file for bankruptcy in Fort Worth, Texas, ultimately depends on your individual circumstances and comfort level with navigating a complex legal process. While it’s possible to file for bankruptcy pro se (without an attorney), there are several compelling reasons why seeking legal representation is highly advisable.

1. Complex Legal Procedures: Bankruptcy involves intricate legal procedures, paperwork, and deadlines. Mistakes or omissions in your bankruptcy filings can lead to delays, dismissals, or even legal complications. An experienced bankruptcy attorney understands the process thoroughly and can ensure that all required documents are prepared correctly and submitted on time.
2. Assessment of Eligibility: Determining which chapter of bankruptcy to file (Chapter 7 or Chapter 13) and whether you qualify for bankruptcy requires a detailed analysis of your financial situation. A bankruptcy attorney can assess your eligibility, help you understand which option is best for you, and advise you on the most strategic approach to your case.
3. Protection of Assets: Depending on the chapter of bankruptcy you file, you may be able to keep certain assets while discharging eligible debts. A bankruptcy attorney can help you maximize your exemptions and protect your property from seizure by creditors or the bankruptcy trustee.
4. Debt Discharge Maximization: Bankruptcy can discharge many types of debts, but not all debts are eligible for discharge. An attorney can help you identify which debts can be discharged and which cannot. They can also assist in structuring your case to achieve the most advantageous outcome in terms of debt relief.
5. Negotiation with Creditors: Before or during bankruptcy proceedings, creditors may attempt to negotiate repayment plans, settlements, or reaffirmation agreements. An attorney can represent your interests in these negotiations to secure more favorable terms.
6. Avoiding Legal Pitfalls: Bankruptcy law is complex, and there are numerous potential pitfalls that can negatively impact your case. For example, failure to disclose all assets and liabilities accurately, engaging in fraudulent behavior, or making improper transfers prior to bankruptcy can lead to legal consequences. A bankruptcy attorney can help you avoid these pitfalls and ensure compliance with the law.
7. Court Representation: If disputes arise during your bankruptcy proceedings, having an attorney can be crucial. They can represent you in court, file motions, and advocate for your interests, increasing your chances of a successful outcome.
8. Stress Reduction: Dealing with financial difficulties and the prospect of bankruptcy can be emotionally taxing. An attorney can alleviate some of the stress by handling the legal aspects of your case, allowing you to focus on rebuilding your financial future.
9. Long-Term Financial Planning: A bankruptcy attorney can provide valuable advice on rebuilding your credit and developing a financial plan for life after bankruptcy. They can offer guidance on budgeting, credit repair, and responsible financial management.
10. Cost-Effective Solutions: While it may seem counterintuitive, hiring a bankruptcy attorney can be cost-effective in the long run. They can help you navigate the complexities of bankruptcy, potentially saving you money by protecting your assets and ensuring you receive the maximum debt relief available.

It’s important to note that bankruptcy laws can vary by jurisdiction and change over time, and the specific details of your case will influence whether legal representation is necessary. While you have the option to file for bankruptcy pro se, it is generally recommended to consult with an experienced bankruptcy attorney in Fort Worth, Texas, to assess your unique circumstances and receive tailored advice.

Cost to File Chapter 7 Bankruptcy in Fort Worth, TX

The cost to file Chapter 7 bankruptcy in Fort Worth, Texas, includes several fees and expenses that you should be aware of when considering this legal process. While filing fees and attorney fees are the primary expenses, there may be additional costs associated with credit counseling and debtor education courses.

Here’s a breakdown of the typical costs:

1. Filing Fees: This fee is paid to the bankruptcy court when you submit your bankruptcy petition. It’s important to note that filing fees can change over time, so it’s advisable to check the current fee schedule on the U.S. Bankruptcy Court’s website or consult with a bankruptcy attorney for the most up-to-date information.
2. Attorney Fees: Many individuals who file for Chapter 7 bankruptcy in Fort Worth, TX, choose to hire an attorney to guide them through the process. Attorney fees can vary widely depending on factors such as the complexity of your case, the attorney’s experience, and your location. On average, attorney fees for a Chapter 7 case may range from $1,320 to $2,950 or more. Some attorneys offer flat fees, while others charge hourly rates. It’s essential to discuss fees and payment arrangements with potential attorneys before hiring them.
3. Credit Counseling and Debtor Education Courses: Before you can file for Chapter 7 bankruptcy, you are required to complete credit counseling and debtor education courses from approved providers. These courses typically cost between $29 and $68 each. Some providers may offer fee waivers or reduced rates for low-income individuals.
4. Miscellaneous Costs: Depending on your specific circumstances, you may incur additional expenses. For example, if you have valuable non-exempt assets that you wish to protect through a bankruptcy exemption, you may need to pay for a property appraisal to establish their value. Additionally, if you need to obtain copies of certain financial documents, there could be copying or retrieval fees.

Ultimately, the cost of filing Chapter 7 bankruptcy in Fort Worth, Texas, can vary significantly from one case to another. It’s crucial to consult with an experienced bankruptcy attorney to assess your unique financial situation, understand the fees involved, and explore your options for managing these costs. An attorney can also help you make informed decisions about your bankruptcy and guide you through the process to achieve the best possible outcome.

Cost to File Chapter 11 Bankruptcy in Fort Worth, TX

Filing for Chapter 11 bankruptcy in Fort Worth, Texas, can be a complex and costly process, primarily designed for businesses, although individuals with substantial debts can also use this chapter in certain situations. The costs associated with Chapter 11 bankruptcy are generally higher than those for Chapter 7 or Chapter 13 bankruptcy due to its more intricate nature and the involvement of more significant assets and debts.

Here’s a breakdown of the typical costs involved in filing for Chapter 11 bankruptcy:

1. Filing Fees: The filing fee for a Chapter 11 bankruptcy case in Fort Worth, Texas, is $1,860. This fee is paid to the bankruptcy court when you submit your petition. Like other fees, this amount can change over time, so it’s advisable to check the current fee schedule on the U.S. Bankruptcy Court’s website or consult with an attorney for the most up-to-date information.
2. Attorney Fees: Chapter 11 bankruptcy is highly complex and typically requires the involvement of experienced bankruptcy attorneys. Attorney fees for Chapter 11 cases can vary widely depending on the size and complexity of the case. Businesses and individuals with substantial assets or complex financial structures can expect attorney fees to be quite substantial, often running into tens of thousands of dollars or more. Attorneys may charge hourly rates or offer flat fees, depending on the specifics of the case.
3. Court-Appointed Professionals: In some Chapter 11 cases, the court may appoint various professionals, such as accountants, appraisers, or trustees, to assist in the bankruptcy process. The fees for these professionals can add significant costs to the bankruptcy proceedings, and they are typically paid from the debtor’s estate.
4. Administrative Expenses: Chapter 11 cases involve ongoing administrative expenses, which may include fees for professionals, court costs, and other operational expenses. These costs can accumulate throughout the bankruptcy process.
5. Creditors’ Committee: In larger Chapter 11 cases, a creditors’ committee may be formed to represent the interests of unsecured creditors. The debtor is responsible for paying the reasonable expenses of this committee, which can include legal and accounting fees.
6. Plan Confirmation Costs: Creating and obtaining court approval for a Chapter 11 reorganization plan can be a lengthy and costly process. Attorneys, financial advisors, and other professionals may be involved in drafting, negotiating, and confirming the plan.
7. Debtor-in-Possession (DIP) Financing Costs: If the debtor seeks DIP financing to fund its operations during the bankruptcy process, there will be additional expenses associated with obtaining and administering this financing, including legal and financing fees.

It’s important to note that the actual costs of a Chapter 11 bankruptcy case can vary significantly based on the complexity of the debtor’s financial situation, the size of the estate, and the duration of the proceedings. Additionally, fees and expenses may be subject to court approval.

Cost to File Chapter 13 Bankruptcy in Fort Worth, TX

The cost of filing for Chapter 13 bankruptcy in Fort Worth, Texas, involves several fees and expenses. Chapter 13 bankruptcy is designed for individuals with a regular income who want to create a manageable repayment plan for their debts. Here’s a breakdown of the typical costs associated with filing for Chapter 13 bankruptcy:

1. Filing Fees: The filing fee for Chapter 13 bankruptcy in Fort Worth, Texas, was $395 is paid to the bankruptcy court when you submit your bankruptcy petition. It’s essential to check the current fee schedule on the U.S. Bankruptcy Court’s website or consult with a legal professional for the most up-to-date information, as fees can change over time.
2. Attorney Fees: Many individuals who file for Chapter 13 bankruptcy choose to work with an attorney to navigate the complex legal process. Attorney fees for Chapter 13 cases can vary based on factors such as the complexity of your case, the attorney’s experience, and your location. On average, attorney fees for a Chapter 13 case may range from $2,920 to $4,450 or more. Attorneys may offer flat fees or charge hourly rates. It’s essential to discuss fees and payment arrangements with potential attorneys before retaining their services.
3. Credit Counseling and Debtor Education Courses: Before filing for Chapter 13 bankruptcy, you are required to complete credit counseling and debtor education courses from approved providers. Each course typically costs between $28 and $58. Some providers may offer fee waivers or reduced rates for those with low incomes.
4. Miscellaneous Costs: Depending on your specific circumstances, you may incur additional expenses. For instance, you may need to pay for a credit report or obtain copies of certain financial documents for your case. These costs can vary.
5. Trustee’s Fees: In a Chapter 13 bankruptcy, a bankruptcy trustee is responsible for overseeing your repayment plan. The trustee’s fees are typically included as part of your monthly plan payments. These fees are a percentage of the payments made to creditors and are regulated by bankruptcy law.
6. Post-Petition Debts: Any new debts you incur after filing for Chapter 13 bankruptcy are your responsibility and must be paid separately from your plan payments.

It’s important to note that Chapter 13 bankruptcy involves creating a three to five-year repayment plan to pay off your debts. The total amount you’ll pay through your plan depends on your income, expenses, and the types of debts you owe.

If you are unable to afford the filing fee and attorney fees upfront, you may be able to include these costs in your Chapter 13 plan, allowing you to pay them over time as part of your monthly payments.

Reliable Bankruptcy Attorneys in Fort Worth, TX

Below is a list of reputable bankruptcy attorneys in Fort Worth, TX. They can help you with both personal and business bankruptcy information.

Alice Bower, Attorney at Law
6421 Camp Bowie Blvd #300, Fort Worth, TX 76116, United States

Steele Law Firm PLLC
3629 Lovell Ave Ste 100, Fort Worth, TX 76107, United States

Leinart Bankruptcy Law Firm – Fort Worth
5601 Bridge St #400, Fort Worth, TX 76112, United States

The Lee Law Firm
1751 River Run Ste 200, Fort Worth, TX 76107, United States

Wegner Law, PLLC
9500 Ray White Rd STE 200, Fort Worth, TX 76244, United States

Fort Worth, TX Zip Codes We Proudly Serve:

76006, 76008, 76012, 76013, 76020, 76028, 76036, 76039, 76040, 76051, 76052, 76053, 76060, 76102, 76103, 76104, 76105, 76106, 76107, 76108, 76109, 76110, 76111, 76112, 76114, 76115, 76116, 76117, 76118, 76119, 76120, 76123, 76126, 76127

---