The Woodlands TX Bankruptcy Attorney

The First 15 Days of Your Chapter 7

Rich Shea — Wed, 27 Jan 2010 12:58:33 +0000

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 may be required.

Filing Fee of $245. This must be paid when your case is filed, unless you file a request for installment payments or a waiver.
Administrative fee of $39 and trustee surcharge of $15.
Voluntary Petition. Names and addresses of all creditors of the debtor. These documents must be filed WITH the petition.
Notice to Individual Debtor with Primarily Consumer Debts under 11 U.S.C. § 342(b). Your Woodlands Bankruptcy Attorney must give you this notice before your case is filed and it must be certified on your original petition or within 15 days.
Statement of Social Security Number. This must be submitted with the original petition.
Individual Debtor’s Statement of Compliance with Credit Counseling Requirement. Exhibit D must be filed with your petition. The certificate itself can be filed with the petition or within 15 days.
Statement of current monthly income. This must be filed with the petition or within 15 days.
Schedules of assets and liabilities. This must be filed with the petition or within 15 days.
Schedule of executory contracts and unexpired leases. This must be filed with the petition or within 15 days.
Schedules of current income and expenditures. This must be filed with the petition or within 15 days.
Statement of financial affairs. This must be filed with the petition or within 15 days.
Copies of all payment advices or other evidence of payment received by the debtor from any employer within 60 days before the filing of the petition. These must be filed with the petition or within 15 days.

Get Help

The Woodlands Bankruptcy Attorney is here to help you get through the bankruptcy process and protect your rights to the fullest extent. Don’t risk the judge dismissing your case because you missed a deadline. Get help today.

LoneStarBankruptcy.com provides the latest news and information on Chapter 7 and Chapter 13 bankruptcy in the Southern District of Texas. The Federal Bankruptcy Court for the Southern District of Texas covers many communities including: Houston, Spring, Conroe, The Woodlands, Montgomery County, and Harris County. If you need legal assistance with a personal bankruptcy matter speak with a local bankruptcy attorney today.

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Texas Bankruptcy Exemptions – Jewelry

Rich Shea — Wed, 06 Jan 2010 12:39:14 +0000

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 25 percent of the aggregate limitations prescribed for exempting personal property. As of this date, the personal property exemption limit is $30,000 for an individual or $60,000 for an individual that qualifies as head of a family unit.

How Does the Jewelry Exemption Work?

In a case where you can exempt $30,000 of exempt personal property, the jewelry exemption is limited to $7,500.

In a case where you can exempt $60,000 of exempt personal property the jewelry exemption is limited to $15,000.

Both of these figures are aggregate amounts, meaning all of your jewelry combined cannot exceed the above dollar amounts. It is not a per item exemption.

Get Help

Your Conroe Bankruptcy Attorney is here to help you get through the bankruptcy process and protect your rights to the fullest extent. Keep all the property you are entitled to keep with your exemptions. Get help today.

In re Fink, Case No. 07-36827-H3-7 (Bankr. S.D. Tex. 9/17/2009)

Bankruptcy Exemptions: Home

File Your Case Faster

Rich Shea — Tue, 05 Jan 2010 22:13:40 +0000

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.

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What Is Your Current Monthly Income?

Rich Shea — Tue, 29 Dec 2009 00:36:06 +0000

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 the circumstances of your case.

Gross wages (before taxes, salary, tips, bonuses, overtime, commissions
Income from the operation of a business, profession, or farm.
Rent and other real property income
Interest, dividends, and royalties.
Pension and retirement income.
Regular contributions to the household expenses of the debtor or the debtor’s dependents, including child or spousal support.
Unemployment compensation.
Income from all other sources.

Is Anything Excluded?

The federal Bankruptcy law excludes from your CMI “benefits received under the Social Security Act” and certain payments to victims of terrorism, war crimes, and crimes against humanity.

Get Help

Your Conroe Bankruptcy Attorney is here to help you get through the bankruptcy process and protect your rights to the fullest extent. Don’t let a mistake in calculating your Current Monthly Income or another issue harm your pursuit of debt relief. Get help today.

The Chapter 7 Means Test

The Chapter 7 Means Test

Rich Shea — Mon, 21 Dec 2009 14:46:22 +0000

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, it requires additional analysis to determine if you are eligible to file Chapter 7. You may still be eligible, but your bankruptcy attorney will need to build a case for you based on your expenses. The IRS has developed certain allowances for housing, transportation, medical expenses etc. which may be deducted from your income. There are also additional IRS allowances based on taxes, insurance, child care, telecommunications, charitable contribution etc. In addition, your Conroe Bankruptcy Attorney may also subtract payments for secured loans such as mortgages, vehicles and other secured property. Priority debts such as child support and alimony may also be deducted from your income.

If You Fail the Means Test

You can fail the means test if after deducting all of the allowable expenses from your average current income you have approximately $100.00 or more available to pay creditors. Failing the means test creates a presumption that the case should not be eligible for Chapter 7. The U.S. Trustee will generally bring a motion to dismiss the case. The motion can be defended against by showing special circumstances. Special circumstances can be a reduction in income or job loss. Other special circumstances could be a long commute, high medical bills, student loan payments etc.

Get Help

Your Conroe Bankruptcy Attorney is here to help you get through the bankruptcy process and protect your rights to the fullest extent. Don’t let a mistake on the Means Test or another issue harm your pursuit of debt relief. Get help today.

LoneStarBankruptcy.com provides the latest news and information on Chapter 7 and Chapter 13 bankruptcy in the Southern District of Texas. The Federal Bankruptcy Court for the Southern District of Texas covers many communities including: Houston, Conroe, The Woodlands, Montgomery County, and Harris County. If you need legal assistance with a personal bankruptcy matter speak with a local bankruptcy attorney today.

Is Your Debt Presumed Nondischargeable?

Rich Shea — Tue, 17 Nov 2009 14:04:25 +0000

One of the key features in a Chapter 7 Bankruptcy proceeding is the ability to discharge certain debts and provide a meaningful fresh start to an overwhelmed person or family. It is important to understand that not every debt can be discharged in a Chapter 7 bankruptcy. One of the significant exceptions to a discharge order are debts for money, property, services, or an extension, renewal, or refinancing of credit, to the extent obtained by false pretenses, a false representation, or actual fraud, other than a statement respecting the debtor’s financial condition. It may not seem like it at first glance, but some common purchases or debts can easily fall into this exception and end up not being discharged. If you want your bankruptcy attorney to discharge as much of your debt as possible, then keep reading.

As a bankruptcy attorney in the Houston federal court I see this exception to the discharge rule most often come into play in two more specific subcategories. These are:

consumer debts owed to a single creditor and aggregating more than $500 for luxury goods or services incurred by an individual debtor on or within 90 days before the order for relief under this title are presumed to be nondischargeable; and
cash advances aggregating more than $750 that are extensions of consumer credit under an open end credit plan obtained by an individual debtor on or within 70 days before the order for relief under this title, are presumed to be nondischargeable.

Are all debts incurred within 90 days presumed nondischargeable?

No, the key term is “luxury goods or services.” The bankruptcy rules explain “luxury goods or services” does not include goods or services reasonably necessary for the support or maintenance of the debtor or a dependent of the debtor. If your debt is incurred within 90 days of filing but is not for luxury goods or services then your bankruptcy attorney in Houston may help you avoid the presumption of nondischargeability.

What can you expect if you have charges within 90 days or cash advances within 70 days?

It is a growing trend among credit card companies to request the Houston Bankruptcy Court rule these debts nondischargeable in an adversary proceeding. This strategy often works when a person is going through the bankruptcy process alone and does not know how to defend himself or herself from the credit card company, or even worse, ignores the adversary proceeding entirely. Often times in those situations the debt is ruled nondischargeable and it follows the bankruptcy filer even after their other debts are discharged. The presumption is on their side unless your bankruptcy attorney can defeat or rebut the presumption.

A Woodlands Bankruptcy Attorney at your side can help you get the discharge you are entitled to. Don’t just file for bankruptcy, get meaningful debt relief at the end of your case.

LoneStarBankruptcy.com provides the latest news and information on Chapter 7 and Chapter 13 bankruptcy in the Southern District of Texas. The Federal Bankruptcy Court for the Southern District of Texas covers many communities including: Houston, Conroe, The Woodlands, Montgomery County, and Harris County. If you need legal assistance with a personal bankruptcy matter speak with a local bankruptcy attorney today.

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Discover Card Wins $8,000 Default Judgment Against Houston Bankruptcy Filer

Rich Shea — Wed, 08 Jul 2009 14:22:23 +0000

Bankruptcy in Houston is not an automatic procedure. You do not get your debts discharged simply by filing your petition no matter what anyone who is not an attorney may tell you. Bankruptcy is a legal process between you, your creditors, and the bankruptcy trustee. In order to have as many of your debts discharged as possible you must protect your rights. If you do not protect your rights nobody else will. In the case of In Re Crandall the bankruptcy filer did not have a Houston Bankruptcy Attorney, and this is what happened.

Mr. Crandall decided to do his own bankruptcy. He filed the initial petition and thought he was all set, how hard can it be? Soon after Mr. Crandall’s Houston bankruptcy petition, Discover Card filed an adversary proceeding objecting to having the debt he owed them discharged.

Mr. Crandall did nothing, thinking all he had to do to get his discharge was file the first bankruptcy petition.

With Mr. Crandall not protecting his rights, Discover Card submitted enough evidence to obtain a default judgment preventing the discharge of the credit card debt. At the end of the day, not having a bankruptcy attorney probably cost Mr. Crandall a lot more than having an attorney.

The Crandall case is important because with the help of a Houston Bankruptcy Attorney Mr. Crandall could have fought the default judgment matter and may have had the $8,000 credit card debt discharged as he desired. Do not make the same mistake Mr. Crandall did. Speak with a Conroe Bankruptcy Attorney today.

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Your Duties in Chapter 7 Bankruptcy – Part 6

Rich Shea — Fri, 26 Jun 2009 18:07:00 +0000

Personal Bankruptcy in the Southern District of Texas is an important procedure. In order to obtain the discharge that is one of the most important goals of going through bankruptcy in Houston, Conroe, or anywhere in the Southern District you must fulfill your obligations to the Bankruptcy Court. If you do not fulfill your obligations to the Court, your case may be dismissed or some of your debts may not be discharged.

This is Part 6 of my series reviewing your obligations as a bankruptcy filer in Harris County or Montgomery County and the Southern District of Texas. In addition to the obligations we previously discussed, your obligations include:

You are required to appear and attend a Meeting of Creditors. The clerk of the U.S. Bankruptcy Court provides notice of this meeting. If you have not received notice of your meeting within 20 days after your case is filed, contact your attorney. The meeting can only be rescheduled as a result of an emergency or an unavoidable or unforeseen conflict. Work related conflicts must be resolved by you. Travel and/or vacations plans are not grounds for rescheduling. If you are not represented by counsel, requests for a new date and time must be in writing and received more than 15 fifteen days prior to your scheduled meeting and you must provide a statement as to the nature of the emergency or conflict. It is the Trustee’s discretion as to whether a reset date and time will be given. You or your attorney will be responsible for re-noticing all creditors of the date and time of the reset. Do not call the Clerk’s office and ask for a reset.
You must bring picture identification issued by a governmental authority to your Meeting of Creditors, such as a driver’s license, and your social security card. If you do not have a social security card, you must bring a pay stub, W-2, 1099 or other documents not created by you with the complete number. Your tax return is not sufficient. Failure to bring proper identification or proof of social security will cause your meeting to be reset.
If your meeting is reset, you and your attorney must sign and file with the Court a written statement that the reset date is the new date for the First Meeting of Creditors, and that you agree and acknowledge that all deadlines associated with the date set for the First Meeting of Creditors run from the new date.

Your Houston Bankruptcy Attorney can represent you through the process and make sure you fulfill your legal obligations in order to get the discharge you are entitled to. We will continue our review of your obligations to the Bankruptcy Court in your Chapter 7 case in our next article.

Your Duties in Chapter 7 Bankruptcy – Part 5

Rich Shea — Wed, 17 Jun 2009 16:42:17 +0000

Personal Bankruptcy in Montgomery County and the Southern District of Texas is an important procedure. In order to obtain the discharge that is one of the most important goals of going through bankruptcy in Montgomery County, you must fulfill your obligations to the Bankruptcy Court. If you do not fulfill your obligations to the Court, your case may be dismissed or some of your debts may not be discharged.

This is Part 5 of my series reviewing your obligations as a bankruptcy filer in Montgomery County and the Southern District of Texas. In addition to the obligations we previously discussed, your obligations include:

You are required to file and complete your statement as to your intention concerning secured consumer debt. The Trustee will assume that you have done so within the time provided unless you advise the Trustee in writing to the contrary, and state your plans to remedy any default.
Pursuant to the rules regarding electronic filing, you are required to provide the Trustee at least ten (10) days prior to your scheduled creditors meeting, with a copy of your schedules, statement of financial affairs, means test form, certificate of credit counseling, two years of tax returns, the bank statements for the two months prior to filing including the month of filing and proof of income for the 60 days prior to filing. Failure to provide this information within ten (10) days in advance of the First Meeting of Creditors will cause your meeting to be reset. Additionally, if you fail to provide these documents it could result in dismissal of your case.

Your Conroe Bankruptcy Attorney can represent you through the process and make sure you fulfill your legal obligations in order to get the discharge you are entitled to. We will continue our review of your obligations to the Bankruptcy Court in your Chapter 7 case in our next article.

Your Duties in Chapter 7 Bankruptcy – Part 4

Rich Shea — Fri, 12 Jun 2009 19:02:38 +0000

This is Part 4 of my series reviewing your obligations as a bankruptcy filer in Montgomery County and the Southern District of Texas. In addition to the obligations we previously discussed, your obligations include:

You must provide written notice to the Trustee of any tax refund in excess of $2,500.00 you anticipate receiving or actually receive.
You are still responsible for filing your own personal income tax return. You should inform your tax advisor of the filing of your bankruptcy petition, as it affects your own personal tax return. If necessary for the administration of the bankruptcy estate, the Trustee will request copies of pre petition tax returns. If you believe that you need to amend a pre-petition tax return you must notify the Trustee in writing.