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Essay About Chapter 7 Bankruptcy

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CAN YOU FILE FOR CHAPTER 7 BANKRUPTCY IN SAN ANTONIO?
Filing for Chapter 7 Bankruptcy in San Antonio, is mainly a legal way of eliminating payday loans, medical bills, dismissible income taxes, credit card debts and other unsecured debts. However, sometimes, debtors file chapter 7 bankruptcy in order to get rid of a lawsuit, stop creditor harassment, or just to have a clean slate when it comes to finances. In spite of having various reasons, eligibility is the most important requirement in debtors filing for a Chapter 7 Bankruptcy in San Antonio.
The vast majority of debtors filing for Chapter 7 Bankruptcy in San Antonio get qualified. But, the eligibility to file a Chapter 7 Bankruptcy depends on the debtor’s income, his necessary living expenses, and most importantly, his debts. Taking the bankruptcy means test is required for filing a “pers1onal” or “consumer” Chapter 7 Bankruptcy. All Chapter 7 debtors are required to take the Bankruptcy means test in order to ensure that the debtors aren’t “abusing” the system. …show more content…

All of the debtor’s income preceding the 6 months before the date of filing is looked at during this test. The average monthly income of the debtor is determined and the amount is then multiplied by twelve. The test breaks down the median income to the debtor’s specific Texas area zip code. The test then compares the amount to the median income in the household which is of a similar size. The findings of the latest US Census Bureau report are consulted as the basis of the specific median income. If the debtor is over the median income, then a second set of tests are conducted at the end of the month to determine what disposable income he has, if any. The Bankruptcy means test is considered the primary factor in determining the eligibility for filing for chapter 7 bankruptcy in San

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