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What Consumers Need to Know When Filing Through Keller Bankruptcy Representation

In Texas, bankruptcy presents a clear solution to excessive volumes of debt. Consumers who are facing this kind of issue could also face foreclosure or repossession. By filing for bankruptcy, the consumer has a better chance of eliminating a majority of these debts without a seriously negative impact. The following are what consumers need to know when they file a claim through Keller bankruptcy representation.

Prerequisites for a Bankruptcy Claim

First, all consumers who want to file for bankruptcy are required to attend credit counseling programs. These programs must be approved by the state of Texas. Upon completion of the program, the consumer needs a certificate of completion. They are also required to pay the full cost of these programs themselves.

Additionally, the consumer must qualify for bankruptcy. To file for chapter 13, the consumer must have an income above the median for their area. The current median income for Keller is $114,266. They must provide income statements to verify their income. To file chapter 7, the consumer must provide evidence of ownership for properties and assets. They must possess enough property or assets to generate proceeds to settle their debts.

What Are the Requirements for Each Chapter?

Chapter 13 requires the consumer to follow a repayment plan. They submit payments each month according to the instructions and they must utilize all expendable income to settle any debts that were added to the claim. These claims take up to five years to complete.

Chapter 7 requires the consumer to undergo liquidation. An advisor sells their property and assets for them and distributes the proceeds to the creditors. This process takes up to six months. With each chapter, all debts that were discharged are no longer the responsibility of the consumer. Any debts that were paid off through the claim are settled completely.

In Texas, bankruptcy enables consumers to gain better control over their debts. The claims help them submit a smaller payment for each debt instead of the normal monthly payment. In some cases, the attorney helps the consumer acquire a settlement offer that lowers the full cost of the debt. Consumers who need Keller bankruptcy representation visit Davidskohmattorney.com for more information.

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