This form is a statement of financial affairs. This statement must be completed by every debtor. Some of the categories which must be completed by each debtor are: income from employment or operation of business; payments to creditors; and assignments and receiverships.
Texas Statement of Financial Affairs - Form 7
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How to fill out Statement Of Financial Affairs - Form 7?
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FAQ
Chapter 7 is known as ?straight? bankruptcy? or ?liquidation.? In a Chapter 7, a list of all of your assets and debts is filed with the bankruptcy court. The court will appoint a ?trustee? to represent the interests of your creditors who can sell your property to pay debts.
When you file for Chapter 7 bankruptcy, you will have to complete a form called the Statement of Intention for Individuals Filing Under Chapter 7. On this form, you tell the court whether you want to keep your secured and leased property?such as your car, boat, or home?or let it go back to the creditor.
Form 122A-1: Chapter 7 Statement of Your Current Monthly Income. Form 122A-1 focuses on your marital and filing status, as well as your monthly income as compared to your state's median income.
In a Chapter 7 bankruptcy you wipe out your debts and get a ?Fresh Start?. Chapter 7 bankruptcy is a liquidation where the trustee collects all of your assets and sells any assets which are not exempt. (see Texas Exemptions) The trustee sells the assets and pays you, the debtor, any amount exempted.
In most cases you will not lose your home or car during your bankruptcy case as long as your equity in the property is fully exempt.
Items that can be exempt include sporting equipment, up to two firearms, family heirlooms, home furnishings, animals, clothing and food, burial plots, health aids, health savings accounts, and jewelry (limited to one-quarter of the exemption).
In Texas, personal property exempt from Chapter 7 bankruptcy can't exceed $50,000 for single adults and $100,000 for families.
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.