Does anyone have specifics for Texas?

[HelpMeFast!]

I was wondering if someone has a summary of what I can expect for Chapter 7 in Texas.

1. What's the median income (and where can I find the test)?

2. How long does the whole process take?

3. What can I keep besides my house and car? Will I get to keep my TV?

4. What are the exact rules on cash advances and purchases prior to filing?

Thanks for the help!

[CindyLou]

I cannot look up the links for you right this second due to the computer I am on (but will do so shortly) but don't worry about your TV. You will get to keep your personal belongings. Unless your TV is secured collateral on the loan used to buy it, it can't be touched, nor will anyone want your personal stuff. (nothing personal, but regular personal belongings do not bring a creditor any real money....)So, when I am able to do so, I will give you the links...unless of course someone else does it first.

[SinkingFast]

If all goes well, a Ch 7 takes, on average, 90-120 days to run it's course.

Here's a link to info on the Means Testing:

http://www.usdoj.gov/ust/

Here's a link to the Texas Exemptions:

http://www.bankruptcyforum.com/showthread.php?t=278

or here:

http://www.texasbankruptcylaw.com/exemptions.html

Texas is VERY debtor friendly. You shouldn't have a thing to worry about.

You're talking about the 70/90 day rule. 70 days on Cash Advances and 90 days on CC use.

SEC. 310. LIMITATION ON LUXURY GOODS.

Section 523(a)(2)(C) of title 11 , United States Code, is amended to read as follows:

`(C)(i) for purposes of subparagraph (A)--

`(I) consumer debts owed to a single creditor and aggregating more than $500 for luxury goods or services incurred by an individual debtor on or within 90 days before the order for relief under this title are presumed to be nondischargeable; and

`(II) cash advances aggregating more than $750 that are extensions of consumer credit under an open end credit plan obtained by an individual debtor on or within 70 days before the order for relief under this title , are presumed to be nondischargeable; and

`(ii) for purposes of this subparagraph--

`(I) the terms `consumer', `credit', and `open end credit plan' have the same meanings as in section 103 of the Truth in Lending Act; and

`(II) the term `luxury goods or services' does not include goods or services reasonably necessary for the support or maintenance of the debtor or a dependent of the debtor.'.

http://thomas.loc.gov/cgi-bin/query/...f8D9h:e176900:

[HelpMeFast!]

More questions...

Thanks to everyone on this site that has helped me! Is there a breakdown on the general steps that should be taken and a timeline to do them? I know that you need to put some time in between using the cards and filing, but what about informing the credit card companies that you are going to file? Once you hit the point of not being able to pay the minimums, should you try and call them to delay or reduce monthly payments? Should you mention you are going to file BK? Thanks.

[ericsimmons]

If you’re filing this Chapter 7, then your unsecured debts are discharged after 90 days of filing a case. Chapter 7 bankruptcy debts including, credit cards, medical bills and payday loans.

Chapter 13 differs from Chapter 7, debtors with substantial income and assets can file Chapter 13 bankruptcy. If you want to file Chapter 13, then you must have a regular income either through employment / business. If you already filed a bankruptcy case, then you must file a Chapter 13 bankruptcy case after 180 days.

Filing a bankruptcy is an effective method of partially or fully disposing of your debt. Bankruptcy may give creditors some payment on their debts.

[justbroke]

ericsimmons please review the Forum rules and please do not open up old threads that are 10 years old. Additionally, if you wish to advertise, please contact the site owner.