Articles specifically discussing Chapter 7 bankruptcy cases filed in Texas.
Chapter 7 bankruptcy is for debtors who cannot afford to repay their debt. Cases are initiated by filing a bankruptcy petition. Debtors file a set of schedules that provide a snapshot of the debtor’s current financial situation. Debtors also file… Continue Reading
Chapter 7 bankruptcy requires that the bankruptcy filer complete a means test. The means test is basically a formula for calculating disposable income. Debtors list all income received during the six months prior to filing bankruptcy, excluding funds paid by… Continue Reading
Chapter 7 bankruptcy cases begin when a petition is filed. Debtors must also file schedules and statements either with the petition or soon after. Approximately a week to ten days after the petition is filed the court will send notice… Continue Reading
Chapter 7 bankruptcy is limited to debtors who do not have the means to make payments to unsecured creditors. Whether or not a debtor can pay creditors is determined using a means test. A means test takes the average income… Continue Reading
Disabled veterans who meet specific criteria are excluded from the means test in Chapter 7 bankruptcy cases. The test for exclusion from the means test has two parts. First, the debtor must be a disabled veteran, as defined in 38… Continue Reading