How much does it cost to file Chapter 7 bankruptcy in Texas?
How much does it cost to file Chapter 7 bankruptcy in Texas?
If you qualify to file Chapter 7 Bankruptcy, the Texas Bankruptcy Court’s filing fee for a Chapter 7 Bankruptcy is a fixed rate of $335.00. The Bankruptcy trustee may charge an additional $15 to $20 or may waive this fee. Mandatory credit counseling fees will range between $20 and $100.
How do you qualify for Chapter 7 in Texas?
You can qualify for Chapter 7 bankruptcy in Texas in two different ways.
- Your current household income is lower than the median income for your family size in Texas.
- Your current household income is higher than the median income, but you have expenses that may be deductible.
How long does Chapter 7 Take Texas?
A typical Chapter 7 takes about three months from start to finish.
How much should a Chapter 7 bankruptcy cost?
Filing fee — The cost to file for Chapter 7 is $335, and $310 for Chapter 13. Credit counseling fee — If you want to file for bankruptcy, you’re required to receive credit counseling first.
What is the downside to filing bankruptcy?
Filing for bankruptcy can negatively impact your immediate financial future. Obtaining credit after filing for bankruptcy could mean increased interest rates. Obtaining credit after filing for bankruptcy might require security deposits.
How long after Chapter 7 can I buy a house?
If you’ve gone through a Chapter 7 bankruptcy, you need to wait at least 4 years after a court discharges or dismisses your bankruptcy to qualify for a conventional loan. Government-backed mortgage loans are a bit more lenient.
Can I keep my car if I file bankruptcy?
If you file for Chapter 7 bankruptcy and local bankruptcy laws allow you to exempt all of the equity you have in your car, you can keep the vehicle—as long as you’re current on your loan payments. They may also give you the option to pay off the equity at a discount in order to keep the car.
What assets can you keep in Chapter 7?
Exempt property (items that a debtor may usually keep) can include:
- Motor vehicles, up to a certain value.
- Reasonably necessary clothing.
- Reasonably necessary household goods and furnishings.
- Household appliances.
- Jewelry, up to a certain value.
- Pensions.
- A portion of equity in the debtor’s home.
