The Texas Statement of Intention for Individuals Filing Under Chapter 7 is a form that is required to be filed by individuals who intend to file for bankruptcy under Chapter 7 of the Bankruptcy Code. This form contains information regarding the individual's intentions in regard to secured debts, such as mortgages and car loans, as well as unsecured debts, such as credit cards and medical bills. The statement allows the individual to choose whether they intend to keep or surrender any property that is subject to a secured debt. There are two types of Texas Statement of Intention for Individuals Filing Under Chapter 7: the Statement of Intention for Individuals Filing Under Chapter 7 — Secured Debts, and the Statement of Intention for Individuals Filing Under Chapter 7 — Unsecured Debts. Both forms require the individual to provide details about their assets, liabilities, and intentions regarding their secured and unsecured debts. The statements also require individuals to provide information about their financial affairs, such as income, expenses, and debts. Once the Statement of Intention has been completed, it must be filed with the court.
Texas Statement of Intention for Individuals Filing Under Chapter 7
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FAQ
If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.
What Is a Reaffirmation Agreement? Reaffirmation agreements are a special feature of Chapter 7 bankruptcy. They give your creditors a chance to get you back on the hook for debt you would have otherwise discharged in the bankruptcy by allowing you to reaffirm, or re-sign, liability for a specific debt.
Most Chapter 7 bankruptcy cases are no-asset cases. That means the debtors give up nothing to the trustee. The exemption systems permit debtors to retain the means of day-to-day living, free from the claims of their creditors.
Most consumer debt is dischargeable in bankruptcy. Chapter 7 bankruptcy wipes out medical bills, personal loans, credit card debt, and most other unsecured debt.
Chapter 7 provides relief to debtors regardless of the amount of debts owed or whether a debtor is solvent or insolvent. A Chapter 7 Trustee is appointed to convert the debtor's assets into cash for distribution among creditors.
The consequences of a Chapter 7 bankruptcy are significant: you will likely lose property, and the negative bankruptcy information will remain on your credit report for ten years after the filing date. If you've already filed for bankruptcy, find out if you can remove bankruptcy from your credit report.
One of the major advantages of filing chapter 7 is that it can wipe out all or most of your debt. Your debt is discharged, meaning that you no longer have a legal obligation to pay it. The discharged creditors get whatever they get, and you are under no obligation to pay them any more money.