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:

1. whether you will surrender the property or keep the property;
2. whether you will redeem the property;
3. whether you will reaffirm the debt secured by the property; and
4. 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.

Related posts:

1. Your Duties in Chapter 7 Bankruptcy – Part 5
2. Your Duties in Chapter 7 Bankruptcy – Part 6

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.

Related posts:

1. What Is Your Current Monthly Income?

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:

1. 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.
2. 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.
3. 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.

Related posts:

1. Your Duties in Chapter 7 Bankruptcy – Part 5
2. Your Duties in Chapter 7 Bankruptcy – Part 2
3. Your Duties in Chapter 7 Bankruptcy – Part 1

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:

1. 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.
2. 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.

Related posts:

1. Your Duties in Chapter 7 Bankruptcy – Part 3
2. Your Duties in Chapter 7 Bankruptcy – Part 2
3. Your Duties in Chapter 7 Bankruptcy – Part 4

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:

1. You must provide written notice to the Trustee of any tax refund in excess of $2,500.00 you anticipate receiving or actually receive.
2. 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.

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.

Related posts:

1. Your Duties in Chapter 7 Bankruptcy – Part 2
2. Your Duties in Chapter 7 Bankruptcy – Part 5
3. Your Duties in Chapter 7 Bankruptcy – Part 3

This is Part 3 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:

1. You must provide written notice to the Trustee of any leases, contracts or agreements that require you to provide services or property in the future that entitle you to compensation, services or property in the future.
2. You must turnover to the Trustee the names and addresses of each and every party to whom any transfers, conveyances of gifts or your property that you made and that were not scheduled and that were made within one (1) year prior to the date you filed bankruptcy.
3. You must provide written notice to the Trustee of all debts repaid within the year prior to filing bankruptcy. You need not advise the Trustee of debts repayments that are properly scheduled or if the total amount of the debt was less than $1,000.00.

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.

Related posts:

1. Your Duties in Chapter 7 Bankruptcy – Part 1
2. Your Duties in Chapter 7 Bankruptcy – Part 2
3. Your Duties in Chapter 7 Bankruptcy – Part 4

This is Part 2 of my series reviewing your obligations as a bankruptcy filer in The Woodlands and the Southern District of Texas. Your obligations include:

1. You must provide a written statement to the Trustee describing the status of any domestic support obligations you owe, i.e. the amount you owe; when it is owed; are you current or delinquent; if delinquent for how long and how much is owed; and the name and address to whom you pay a domestic support obligations.
2. You must provide written notice to the Trustee of any monies you may receive as a beneficiary of a life insurance policy or as a result of a death benefit plan that you acquire or become entitled to prior to the filing of bankruptcy or within six (6) months after the date you filed your bankruptcy petition.
3. You must turn over to the Trustee any money that you receive as a result of rental properties that are not claimed as exempt.

Your Woodlands 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.

Related posts:

1. Your Duties in Chapter 7 Bankruptcy – Part 4
2. Your Duties in Chapter 7 Bankruptcy – Part 3
3. Your Duties in Chapter 7 Bankruptcy – Part 1

Today we will review some of your duties to the Court when you file for Chapter 7 Bankruptcy. Your obligations include:

1. You must provide written notice to the Trustee if you remember or become aware of any property (of any kind or value) that you owned or were entitled to at the date you filed your bankruptcy, that you forgot to list or that you did not become aware of until after you filed bankruptcy.
2. You must provide written notice to the Trustee of any inheritance or monies that you receive or become entitled to as a result of a death that occurred either before you filed bankruptcy or within six (6) months after your bankruptcy filing.
3. You must provide written notice to the Trustee of any money or property you may receive as a result of a final divorce decree (excluding child support) that occurred either before you filed bankruptcy or within six (6) months after the date you filed your bankruptcy petition. (A copy of the Divorce Decree and the Property Settlement Agreement or Agreement Incident to Divorce should be sent with the notice.)

Your Woodlands 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.

Related posts:

1. Your Duties in Chapter 7 Bankruptcy – Part 2
2. Your Duties in Chapter 7 Bankruptcy – Part 3
3. Your Duties in Chapter 7 Bankruptcy – Part 4