order to file for bankruptcy in Texas, individuals must meet certain eligibility criteria. These criteria include
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The individual must have lived in Texas for at least 91 out of the 180 days preceding the bankruptcy filing. If the individual has not lived in Texas for the required duration, they may need to file in their previous state of residence.
Before filing for bankruptcy, individuals are required to undergo credit counseling from an approved agency within 180 days. The certificate of completion must be included with the bankruptcy petition.
The means test is used to determine if an individual qualifies for Chapter 7 bankruptcy or if they must file for Chapter 13 bankruptcy. The means test evaluates the individual’s income and expenses to determine their ability to repay their debts.
Previous Bankruptcy Discharge
If an individual has received a bankruptcy discharge within the past eight years, they may not be eligible to file for bankruptcy again. However, this time frame may vary depending on the type of bankruptcy previously filed.
Individuals who have been convicted of bankruptcy fraud or have intentionally failed to disclose assets in a previous bankruptcy case may be ineligible to file for bankruptcy.
When filing for bankruptcy, individuals must disclose all of their assets, debts, income, and expenses. Failure to provide accurate and complete information may result in the dismissal of the bankruptcy case.
If an individual has the ability to repay their debts through a Chapter 13 repayment plan, they may not be eligible for Chapter 7 bankruptcy. Chapter 13 bankruptcy allows individuals to reorganize their debts and create a repayment plan based on their income.
It is important to note that bankruptcy laws can be complex, and it is advisable to consult with a qualified bankruptcy attorney to ensure eligibility and navigate the bankruptcy process effectively.