Qualifying For Texas Bankruptcy

There are many reasons they prefer Chapter 7 bankruptcy to Chapter 13 bankruptcy. These reasons include the fact that most debts are immediately discharged after filing, the shorter filing period, and the simplicity of the process.

To qualify for Chapter 7 bankruptcy, you must pass a means test, which considers your income, expenses, household size, and debt, as well as other factors. You determine your income by multiplying your gross income for the last six months by 2. If your income is less than the median income for a household of the same size in Texas, then you are likely to pass the means test. Waiting to file might be a good idea if your income is forecast to decline over the next few months, but you cannot pass the means test right now.

After May 1, 2022, the median income levels in Texas to qualify are:

While income is the most important factor, it is not the only factor. If you earn more than the median income for a household of your size, you may qualify for Chapter 7 bankruptcy. Call our Houston bankruptcy attorney office today to find out if you qualify for fast debt relief.