What Is the Means Test Before filing for Chapter 7 bankruptcy in Texas?
What is the Means Test Before Chapter 7 in McKinney TX.? The means test is a formula to
determine if a debtor has enough disposable income to repay their debts under Chapter 7
bankruptcy. If the debtor’s disposable income is above a certain amount, they are presumed to be
able to repay their debts and cannot file for Chapter 7 bankruptcy in McKinney.
Here are the steps on how to file for Chapter 7 bankruptcy in Texas:
- Gather your financial information. This includes your income, expenses, debts, and assets.
- Schedule a consultation with a bankruptcy attorney. The attorney can help determine if bankruptcy is right for you and walk you through the process.
- Determine if you qualify for Chapter 7 bankruptcy. This will involve taking the means test.
- Get credit counseling. This is required before you can file for bankruptcy.
- Prepare your bankruptcy petition. This is the document that you will file with the court.
- File your bankruptcy petition. This can be done online or in person.
- Attend a meeting of creditors. This is a hearing where creditors can ask you questions about your bankruptcy.