Within 30 days of filing your petition for Chapter 7 Bankruptcy relief your bankruptcy attorney must file your Statement of Intentions with the court. If your Meeting of Creditors is scheduled earlier than 30 days after your case is filed then you must file the Statement of Intentions before that meeting.
The Statement of Intentions applies to all real or personal property you own that serves as collateral for a debt.
For each piece of property you must state:
- whether you will surrender the property or keep the property;
- whether you will redeem the property;
- whether you will reaffirm the debt secured by the property; and
- whether the property will be claimed as exempt.
If you are not sure how to answer these important questions then speak with a Woodlands Bankruptcy Attorney today about representing you through the bankruptcy process to protect your rights and property.
Follow-Through
You are generally required to follow-through on your intention for each piece of property within 30 days after the first date scheduled for the Meeting of Creditors. If you intend to surrender the property that means being prepared to turn the property over. If you intend to redeem the property that means having the funds necessary to perform the redemption. If you intend to reaffirm the debt that means having a reaffirmation agreement in place with the creditor.
Every three years the federal bankruptcy exemptions are adjusted for inflation. The adjustment for 2010 applies to cases filed on or after April 1,2010. The federal bankruptcy exemptions are:
- Homestead: $21,625
- Vehicle: $3,450
- Household Goods: $11,525 total with no single item exceeding $550
- Jewelry: $1,450
- Wild Card: 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…
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…
Within 30 days of filing your petition for Chapter 7 Bankruptcy relief your bankruptcy attorney must file your Statement of Intentions with the court. If your Meeting of Creditors is scheduled earlier than 30 days after your case is filed then you must file the Statement of Intentions before that meeting.