Must I Look "Poor" to File Chapter 7?
Posted By
Majed on Mar 21, 2011 6:08am PDT
There is a common misconception that one must look "poor" in order to file a Chapter 7 bankruptcy. Meaning they must not maintain their current standard of living in order to file. This is absolutely not true. Bankruptcy courts use a "means test" which compares money owed to money earned and assets obtained to determine whether one qualifies for Chapter 7. In addition, the state of Texas allows for exemptions for important items such as shelter and transportation to aid you through the process.
Bankruptcy is not a form of punishment, rather an opportunity for overwhelmed debtors to receive a fresh financial start. If you are an overwhelmed debtor, contact the Fears | Nachawati Law Firm today.