Yes. We require a minimum of $300 down, and a signed contract to pay the rest of our fees, some of which must be paid before bankruptcy is filed.

There is no need to fear any loss of your important property or possessions in most cases, because filing for bankruptcy in Texas provides strong and wide-ranging protections. Indeed, it is rare that a client has to surrender any property in bankruptcy, and if you are one of those rare situations, you will be given the option to file Chapter 13 bankruptcy, which allows you to keep all of your property, so long as you meet certain required minimum income and financial ability to pay requirements.

In a chapter 7 case, you may keep your homestead and one car for each licensed driver driving in your home, if you are current (or can quickly become current) on any debt tied to your home or your car on the date you file bankruptcy. If you have debt on your home, your car, or any other personal property which you purchased by financing, you may reaffirm the debt, which means you will keep the item, and continue paying the debt on time, during the bankruptcy and thereafter.

The court will only require that you sign a contract with the bank or finance company called a “Reaffirmation Agreement” and show that you can afford the payments. Once that agreement is signed, you may change your mind and/or void the reaffirmation agreement in writing within 60 days of signing the contract, or before your bankruptcy case is discharged, whichever is later.

Almost all our clients officially “reaffirm” some secured debts on property they own. In my many years of bankruptcy work, no client has ever been refused the right to reaffirm a debt on his home, so long as he/she is current on the debt at the time the bank presents the new contract. So, you should not be concerned if this is the kind of debt you want to reaffirm, and you are current on the debt and can afford to keep making the payments.

In Chapter 13, you can also buy a home or a car with bankruptcy court permission, showing the Court you can afford the payments and the Chapter 13 payments already required by the Court.

Chapter 13 is for those that need to get caught up on a house payment, or refinance their vehicles, or need a five year payment plan to get current on IRS or child support obligations. In Chapter 13, most unsecured debt is either wiped out, or paid at reduced balances, based on your ability to pay.

Chapter 13 is the ideal way to stop foreclosure and get caught up on back payments in a three to five year plan, while wiping out other debts in most cases.

Our office requires every client to pay $45 for a four credit bureau report that applies specifically to bankruptcies. Any debts not shown on those reports can still be wiped out by providing our office with the name, address, and amount of debt. Usually, medical bills and pay day loans are not on these bankruptcy credit reports.