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In order to file for bankruptcy under a chapter 7 bankruptcy, the bankruptcy attorney will first apply the section of the means test that relates to median income for the State in which the debtor filing bankruptcy resides. If the bankruptcy lawyer determines that his or her client’s annual income is below the median annual income in the State where the client lives, the first requirement for filing for bankruptcy under a chapter 7 has been met. If the client of the bankruptcy attorney has a higher annual income, there are other parts of the means test that can be applied when filing for bankruptcy under a chapter 7.
The next part of the means test in bankruptcy law takes into account the bankruptcy debtor’s disposable income. Disposable income is monthly income remaining after deducting monthly living expenses. However the living expenses do not include the debts the debtor is attempting to discharge in the file for bankruptcy. If the disposable income multiplied by 60 months (or 5 years) is under $6000, filing bankruptcy under a chapter 7 may still be possible. If it is over $10,000 the client may be forced to file a chapter 13 bankruptcy. If between $6000 and $10,000 the bankruptcy lawyer may still know how to file bankruptcy under a chapter 7 if the debtor meets one final requirement.
The final requirement, if both other parts of the new bankruptcy law means test are failed, applies if your disposable income multiplied by 60 is between $6000 and $10,000 and is below 25% of your debt. If so there is still a chance bankruptcy attorneys can squeeze their clients into a chapter 7.
This is just a basic overview. The means test can be quite confusing and only a bankruptcy attorney can truly understand how to file bankruptcy with the obstacles of this test. For this and all your other bankruptcy questions consult a bankruptcy lawyer for a bankruptcy case evaluation. Most bankruptcy attorneys offer free bankruptcy evaluations to determine if you meet the means test requirements and to answer all your general bankruptcy questions.
Texas is the second most populated state in the United States. It has a population of almost 25 million people. Texas by itself constitutes almost 8 percent of the population of the United States. Texas is in the 5th circuit of U.S Bankruptcy courts. Filing for bankruptcy in Texas has had a surprisingly small increase of only 3 percent in 2008 from 2007. While the national average increase for filing bankruptcy in 2008 from 2007 was 31.4 percent. The total cases of filing for bankruptcy in Texas in 2008 were 44,258 as compared to 42,931 cases in 2007.
If you are seeking to file for bankruptcy in Texas, you should know that the bankruptcy law in Texas is the same as in other states because bankruptcy law falls under a federal jurisdiction. The difference however when you do file for bankruptcy in Texas as opposed to the other states are the Bankruptcy Texas exemptions.
Only a bankruptcy attorney that practices in Texas can fully answer all your bankruptcy questions regarding the full scope of the allowable exemptions. Bankruptcy attorneys in Texas will show you how to file bankruptcy to fully take advantage of these exemptions. A Texas bankruptcy lawyer can also guide you through whether it would benefit you more to file a bankruptcy chapter 7 or a bankruptcy chapter 13.
As per the bankruptcy law in Texas, you are allowed an unlimited homestead exemption if your property is under 10 acres in the city or 100 acres outside the city. For a family outside the city it can be up to 200 acres. If the property was acquired within the last 1215 days of the filing for bankruptcy the homestead exemption is limited to $136,875.
Bankruptcy Texas exemptions for personal property are very specific and cater to protecting farmers amongst other professions. A Texas bankruptcy lawyer can explain this to you thoroughly but bankruptcy exemptions in Texas make provisions for horses, cattle, fowl and other livestock.
An interesting exemption in filing bankruptcy in Texas is you are allowed to keep 2 firearms. Your automobile falls under personal property where you are allowed a bankruptcy total exemption of up to $30,000 or $60,000 for the head of family. Personal property is to include tools of the trade and any wages owed. Jewelry is allowed in personal property but can only be up to 25% of the aggregate value of the personal property.
A bankruptcy attorney in Texas will guide you through how to file bankruptcy and take advantage of the allowable exemptions that pertain to your particular case. If you are considering filing bankruptcy in Texas, whether it is in your best interest to file a Chapter 7 Bankruptcy or a Chapter 13 Bankruptcy, the bankruptcy attorneys can answer all your bankruptcy questions and help you through this trying situation.
In today’s fast paced world, we are finding less time in our lives to accomplish all the tasks we need to do. If you are struggling to pay your debts and you are considering filing bankruptcy but you just don’t have the time in your day to go to an office of a bankruptcy attorney just to find out if you are eligible to file for bankruptcy, now you can get a free bankruptcy evaluation online at BankruptcyIntro.com.
At Bankruptcy Intro, it simply takes less than two minutes to fill out a free bankruptcy case evaluation form. Based on the completion of the form we then connect you with licensed Bankruptcy Attorneys in your area that will discuss your case with you and give you a free consultation to determine if filing for bankruptcy is something you are eligible for.
All you would have to do is simply fill out the bankruptcy evaluation online form and you will be connected to a bankruptcy lawyer who not only will tell you whether you are a candidate to file for bankruptcy but also which chapter you should be filing bankruptcy under.
After completing the free bankruptcy case evaluation, a professional licensed bankruptcy attorney can explain to you the difference between a bankruptcy chapter 7 and a bankruptcy chapter 13 and which one may benefit you more. Only licensed professional bankruptcy attorneys are well versed in bankruptcy law and can determine quite easily if you are eligible to file for bankruptcy and if in fact filing for bankruptcy is a wise choice for you.
Having the option to complete a bankruptcy evaluation online can really help if you live in a populated metropolitan area where traffic is a major issue. At BankruptcyIntro.com we make your life a little simpler. Like most of us you may work long hours and finding the time to go see a bankruptcy lawyer just to determine your eligibility for filing bankruptcy may seem like a waste of time when filing out a free bankruptcy case evaluation may seem the more efficient route.
Bankruptcy Law can be very complicated. Determining whether a Bankruptcy Chapter 7 is right for you or a Bankruptcy Chapter 13 is the better choice is a decision you must make with the help of a licensed Bankruptcy Attorney. Are you even eligible to file for bankruptcy?
Without even leaving the comfort of your own home, fill out a free bankruptcy case evaluation on BankruptcyIntro.com and have all your bankruptcy questions answered by a licensed bankruptcy attorney near you.
For more information please visit here Filing for Bankruptcy