Filing Bankruptcy In Texas
What are the new rules on filing bankruptcy in Texas for individuals?
Bankruptcy law changes, how does that effect individuals
Well, one huge difference in Texas under the new laws is that homestead exemptions will be limited to $125,000 instead of the unlimited exemption which previously applied. Say thanks to the Enron folks for that.
Otherwise, the major difference is that people who make more than the median national income may be required to devote up to 5 years of their disposable income to pay back creditors under chapter 13. This is not always the case and depends on the results of a “means test”. You complete a complex form, called form 22 in order to see where you stand. A lot depends on the extent of your income during the past six months and how much you are required to pay on secured debt over the next five years.
There’s a lot more but that’s a fair start.
You can see more information on my website, although not Texas specific and also at the American Bankruptcy Institute’s website
MLB TEXAS RANGERS FILE FOR BANKRUPTCY! SALE BLOCKED 6-16-2010
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