Blog Category: Chapter 7


Reasons to Choose Chapter 7 Bankruptcy

Reasons to Choose Chapter 7 Bankruptcy

If you are behind in your debt and are getting phone calls and letters from your creditors demanding payments and threatening to take you to court, you may want to consider bankruptcy to eliminate your debt and get a fresh start. Fast and Effective Chapter 7 bankruptcy is easy to file, fast, and an effective  … Read more

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Means Test for Chapter 7 Bankruptcy

Means Test for Chapter 7 Bankruptcy

Before a bankruptcy case can move forward, a detailed evaluation of your finances and debt must take place. Your income, assets, and expenses will be evaluated to determine which Chapter of the bankruptcy code you should file. If you file a Chapter 7 bankruptcy, you will need to pass the means test. Passing this test  … Read more

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What Gets Discharged in Chapter 7 Bankruptcy

What Gets Discharged in Chapter 7 Bankruptcy

When people find themselves in financial hardship, they wonder if bankruptcy would be a good option for them. Chapter 7, bankruptcy is considered a liquidation bankruptcy. Your trustee will evaluate your income, bills, and assets and determine if any of your nonexempt assets can be sold to satisfy your creditors. In most cases, you will  … Read more

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Chapter 7 Bankruptcy Basics

Chapter 7 Bankruptcy Basics

Chapter 7 bankruptcies are usually not very complicated. Issues typically arise if the trustee thinks you are hiding assets or if a creditor takes aggressive action to collect on a debt. Anyone in the United States can file for Chapter 7 bankruptcy protection. Some of the reasons you may be denied are: If you make  … Read more

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Chapter 7 Bankruptcy Means Test

Chapter 7 Bankruptcy Means Test

When you are considering filing Chapter 7 bankruptcy, you will have to prove your eligibility by taking a means test. The figures are based on the median income for your household in your state and after certain allowed expenses are deducted. Disabled veterans are excluded from having to take the means test if the debt  … Read more

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Converting Chapter 13 Bankruptcy to Chapter 7

Converting Chapter 13 Bankruptcy to Chapter 7

When you and your Houston Bankruptcy Attorney file for Chapter 13 in Texas, you submit a Chapter 13 repayment plan. This financial reorganization plan takes into account how much excess income you earn every month that can be paid to creditors. The Chapter 13 repayment plan lasts anywhere from 3 to 5 years, which is  … Read more

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Means Test for Chapter 7

Means Test for Chapter 7

The bankruptcy abuse prevention and consumer protection act of 2005 require individuals to take a “means test” to determine if they can file Chapter 7 bankruptcy. The test determines if the personal income is low enough to file Chapter 7 bankruptcy. The law was designed to keep high-income filers from filing Chapter 7 and eliminating  … Read more

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Chapter 7 Bankruptcy

Chapter 7 Bankruptcy

Also known as, regular bankruptcy, straight bankruptcy or liquidation bankruptcy, Chapter 7 is bankruptcy in the most basic form. Chapter 7 allows you to discharge or cancel certain debt, with no repayment plans. Debts that can typically be discharged include medical, auto, rent, utilities and some credit card debt. You must give up any of  … Read more

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Houston Bankruptcy Lawyer: Do I Qualify for Chapter 7?

Houston Bankruptcy Lawyer: Do I Qualify for Chapter 7?

Houston bankruptcy lawyers often meet with consumers who let debt pile up along with late fees, interest, and damaged credit, exacerbating their overall debt problems. When asked why they let their debt problem continue so long before meeting with a bankruptcy attorney to seek debt relief, many answer that they were worried because they were  … Read more

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Chapter 7 Bankruptcy Texas Means Test

Chapter 7 Bankruptcy Texas Means Test

When filing for Chapter 7 bankruptcy in Texas you are required to take a means test in order to be able to discharge your debts using bankruptcy. With exception of course, to Veterans who are exempt from a means test if the debt was incurred while on active duty. A means test is essentially a  … Read more

  Filed under: Chapter 7