How do I go into bankruptcy?
A person can go into bankruptcy in one of two ways. The most common way is for the person to voluntarily file a petition for bankruptcy. The second way a person can become bankrupt is for their creditors to ask the court to issue an order declaring that the person is bankrupt. This second method, involuntary bankruptcy, is rarely used, however.
In either case, the process is administered by a Trustee in Bankruptcy. You start by completing an application and providing it to the Trustee along with several other pieces of required information and documentation.
The Trustee will then assess your situation and help you determine whether bankruptcy is the most suitable option for you. If it is, the Trustee will prepare the legal documents for you to sign. Once the legal papers are signed and filed with the Superintendent of Bankruptcy, then you are officially bankrupt.
For free legal advice about Texas bankruptcy, contact the law firm of Fears | Nachawati today. To speak with one of our experienced Texas bankruptcy lawyers, simply email us or phone us toll free at 1.866.705.7584.