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:
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:
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.
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 above the median, Read more…
Not everyone can qualify for Bankruptcy protection in The Woodlands or the Southern District of Texas. It is true that anyone can file a bankruptcy petition; however, if your petition is defective or improperly prepared then your case is headed for dismissal and you will not be protected by the automatic stay that many people depend on. The Bankruptcy Code sets forth many requirements for beginning a bankruptcy case in Southern Texas. Today we will review the credit counseling requirement.
An individual must receive credit counseling from an approved nonprofit agency during the 180 days before filing a bankruptcy petition. If you want to meet this requirement and keep your case from being dismissed: Read more…
Contact me if you need bankruptcy assistance.
I am an attorney in good standing in the Bankruptcy Court for the Southern District of Texas and I help people file for relief under the Bankruptcy Code. Until the Supreme Court decides otherwise, I am also a debt relief agency.
