If you are swamped with debt, you can discharge all of your credit card and unsecured debt in a Chapter 7 immediately, keeping exempt assets such as a house or car, and other household items. However, if you earn more than the median income in Texas (for your household size), then the new bankruptcy code…
To determine whether a Chapter 7 bankruptcy is abusive, Courts will use what is called a Means Test Formula, which has two important terms to define: Currently Monthly Income (CMI) – How much money you make per month through income sources (excluding Social Security benefits and a few other exceptions) during the six (6) months prior…
