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…
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: Read more…
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 Read more…
