Each Woodlands Bankruptcy case has their own timeline. However, there are certain court imposed deadlines that you must meet. Your case can be dismissed if you do not provide the required information to your Woodlands Bankruptcy Attorney in time to meet these deadlines.
Here is what must be taken care of in the first 15 days of your Chapter 7 case. This is the bare minimum, depending on your circumstances additional filings Read more…
Exempt property is the property you can keep in a Chapter 7 case without having to turn over to the bankruptcy trustee. Any property you have that your Conroe Bankruptcy Attorney does not claim as exempt or that does not qualify as exempt is subject to being turned over to the bankruptcy trustee and liquidated to repay debts. Texas law provides for several property exemptions. Today we will examine the exemption for jewelry.
Sections 42.001(a) and 42.002(a)(6) of the Texas Property Code allow an exemption for jewelry not to exceed Read more…
A lot of information is required for your Conroe Bankruptcy Attorney to prepare your case. Until now, much of the information had to be gathered by filling out a printed questionnaire which could be very time consuming and inconvenient.
As of today, LoneStarBankruptcy.com is proud to feature an online questionnaire to allow you to submit the information needed to prepare your bankruptcy case to your Conroe Bankruptcy Attorney online. This new process will allow you and your bankruptcy attorney to get your case filed much sooner than before. No more handwriting out creditor addresses or waiting for papers to go back and forth in the mail. The online questionnaire is free and you can get started by using the button on the right of the screen.
The printed form is still available if desired.
Last time we began to look at the Means Test your bankruptcy attorney must prepare for your case if you are attempting to qualify for the benefits of Chapter 7 bankruptcy. A vital component to the Means Test is the calculation of your Current Monthly Income. In order to determine your Current Monthly Income (CMI), your Conroe Bankruptcy Attorney will average certain income that you (and in a joint case, your spouse) received in the six months before your bankruptcy filing.
CMI includes:
- income from all sources, whether or not taxable, and
- any amount paid by an entity or person other than you (or your spouse in a joint case) on a regular basis for your household expenses, your dependents, and (in a joint case) your spouse if not otherwise a dependent.
What Must Be Included?
The following types of income will be included in your Current Monthly Income. Additional items may be included depending on Read more…
The Means Test was created in the Bankruptcy Reform Act of 2005. It may be the most important test you are facing right now. If you fail it you may not be eligible for a Chapter 7 discharge of debts. If you pass it, then you can pursue a Chapter 7 discharge with the help of your Montgomery County Bankruptcy Attorney.
What is the Means Test?
The Means Test is an income test to determine if your are eligible to file a Chapter 7 bankruptcy. Your bankruptcy attorney must complete several steps to complete your Means Test. First, we look back and average your income over the six month period prior to filing the case. Next, your bankruptcy attorney compares your income to the median household income in your county for a household of a similar size. If your income is below the median income, your are presumptively eligible to file a Chapter 7.
If Your Income is Too High
If your income is above the median, Read more…
