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.
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…
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 Read more…
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 Read more…
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 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 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.