If you are on the verge of filing for Chapter 7 bankruptcy, it is important to first understand what the process involves.

You must first complete a petition in which you ask the court to consider your Chapter 7 bankruptcy case. This must be done in the district in which you reside or where you own a business. Along with your petition, you must present current documentation regarding expenditures and income, as well as all of your assets and liabilities. The bankruptcy trustee assigned to your case will also request current tax return forms, as well as any unexpired leases that you have signed.

If most of your debts are consumer debts, you will need to show proof of credit counseling. This is required by law and states that you attended a credit counseling course. Any payments that you have made toward your debts or debt repayment plans that you have become involved in must also be presented to the court.

Aside from these requirements, there are other measures that must be met before the court will approve your Chapter 7 petition. To learn more about the requirements and process, contact the Malaise Law Firm now to speak with a Houston Chapter 7 bankruptcy lawyer.