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Bankruptcy is often viewed by people as one of two extremes: a shameful failure or a rich person’s escape. Sure, there are high-profile bankruptcy filings, like that of former Texas Governor John Connally, which resulted in the auctioning off of a life-sized 19th-century statue of a patron saint. But most bankruptcy filings are simply a legal and accessible process designed to help you move toward debt relief and away from the financial stress of creditor lawsuits, collection calls, garnishment actions, and foreclosures.
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There are four kinds of bankruptcy for individuals: Chapter 7, Chapter 11, Chapter 12, and Chapter 13. Chapter 11 bankruptcy is a form of reorganization bankruptcy generally used by corporations, sole proprietors, or partnerships who want to keep their business running and generate revenue while paying back their creditors over a period of time. Chapter 12 bankruptcy is a voluntary repayment plan available to family farmers and fishermen. For this reason, we’ll be focusing here on the two most common forms of personal bankruptcy.
A federal law from 2005 applies a “means test” to determine if you can file for Chapter 7 bankruptcy to deal with your consumer debts. Remember, under this chapter, many of your debts will be discharged and likely never paid, so the government wants to make sure that only people who truly are going to be unable to pay are able to get that fresh start.
The first step of the means test is simple: What’s your income? If your income is below the state median income, you are eligible to petition for Chapter 7 based on this standard. The median income standards for Texas bankruptcy cases filed after May 1, 2021 include the following figures:
The median income standards go up from there, and you will need to certify your income with the courts by filing a Chapter 7 Statement of Your Current Monthly Income. If you don’t qualify to petition for Chapter 7 based on your income, you still might qualify if certain allowed expenses deducted from your income leaves you without enough disposable income to pay your debts. Additionally, certain military service members are exempt from the means test altogether.
After all of this, you can start gathering the information you need so the paperwork can begin, starting with the Voluntary Petition for Individuals Filing for Bankruptcy, appropriately numbered Form 101. This and other forms make up the petition, statement of your financial situation, and other required documentation that will provide the court the following information:
Part of what you will need to file is documentation of your property exemptions. Whether you are in Chapter 7 or Chapter 13 proceedings, certain property that you own is exempt from bankruptcy proceedings under federal laws and state laws. For a Chapter 7, that means this property won’t be liquidated to pay debts.
The decision to file for bankruptcy isn’t an easy one, and we understand that even considering it means you may need support handling your debt. Speaking with an experienced debt management and bankruptcy attorney can provide you the information you need to make the best decision for yourself. Ready to get started? Contact Farmer Law today.
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Disclaimer: The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation.
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