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What Is Your State for the “Means Test”?

March 25, 2016 by Chris Kane

You must use the right “state in which you live” to qualify for Chapter 7. It’s not always obvious.   Our last blog post a couple days ago was about the unique definition for “income” as used in the “means test.” Understanding this definition and applying it to your advantage can be ... Read More »

Filed Under: Bankruptcy Procedure Tagged With: Chapter 7 bankruptcy, means test, median family income, median income, monthly disposable income, U. S. Trustee

What is Considered “Income” for the Chapter 7 “Means Test”

March 23, 2016 by Chris Kane

“Income” is not what you think it is—it’s much broader than usual and fixates on the 6 full calendar months before your bankruptcy filing.   Our last blog post a couple days ago was about an upcoming cost of living adjustment of median family income amounts. This ... Read More »

Filed Under: Bankruptcy Procedure Tagged With: disposable income, means test, median family income, median household income, median income, monthly disposable income

The New Median Income Amounts for the Chapter 7 “Means Test”

March 21, 2016 by Chris Kane

Besides the many 3-year cost of living increases happening on April 1, 2016, new median income amounts also start applying on the same day.   Last week we finished a series of about a dozen blog posts related to an every-3-year cost of living adjustment of many of the dollar amounts that are ... Read More »

Filed Under: Bankruptcy History, Bankruptcy Procedure Tagged With: cost of living increase, disposable income, income, means test, median family income, median income

The Military Exemptions from the Chapter 7 “Means Test”

March 18, 2016 by Chris Kane

You qualify for Chapter 7 without having to pass the “means test” if you fit within these very specific military-related exemptions.    Short Introduction to the “Means Test” The “means test” determines whether you have enough income after your expenses ... Read More »

Filed Under: Bankruptcy Procedure Tagged With: Chapter 7, disposable income, means test, median household income, median income, military exemptions from means test

A Fresh Start against Your Co-Signer

February 19, 2016 by Chris Kane

Through bankruptcy, you may be able to and want to pay a co-signed debt. If not, you need protection from that debt and from your co-signer.   A friend or relative may have helped you earlier by co-signing a debt for you. But now you find yourself needing relief from all or most of your debts ... Read More »

Filed Under: Bankruptcy Procedure Tagged With: co-debtor stay, co-signed debt, creditors, discharge, discharge of debts

Bankruptcy Timing and the Holidays: Filing in 2016 to Cover More Income Taxes

December 30, 2015 by Chris Kane

During the first months of 2016 your bankruptcy can write off more of your tax debts.     Filing bankruptcy at the right time in 2016 can help you deal with income tax debts in two main ways: Discharging (legally writing off) more of your tax debts (likely for the 2012 tax year), under a ... Read More »

Filed Under: Bankruptcy Procedure, Tax Debts Tagged With: discharge taxes, income taxes, Internal Revenue Service, pre-bankruptcy planning, priority debts, tax returns

Bankruptcy Timing and the Holidays: Gift-Giving and “Fraudulent Transfers”

December 18, 2015 by Chris Kane

Gift-giving, or selling for much less than actual value, can cause problems ahead of bankruptcy, but only if it’s a large gift.   “Fraudulent Transfers” Usually Not an Issue This blog post is about a topic to be aware of but one that’s seldom an issue for consumers or ... Read More »

Filed Under: Bankruptcy Procedure Tagged With: avoiding transfers, Chapter 7 trustee, fraud, fraudulent debts, fraudulent transfers, gifts

Bankruptcy Timing and the Holidays: “Preference”€ Payments

December 16, 2015 by Chris Kane

You may have extra motivation and greater ability to repay a personally important debt this time of year. But maybe you shouldn’t.   Careful about Paying a Favored Creditor Around the holidays you may be extra motivated to pay back a personal loan. The relative or friend may be in real ... Read More »

Filed Under: Bankruptcy Procedure Tagged With: creditors, favored creditors, friends and relatives, pre-bankruptcy planning, preferences, preferential payments

Bankruptcy Timing and the Holidays: Extra Income in December Affecting the “Means Test”

December 9, 2015 by Chris Kane

We show step-by-step how filing bankruptcy before the end of December can enable you to qualify for Chapter 7 “straight bankruptcy.”   Have you received or are you expecting any extra money from any source during December? It’s probably the month when that’s most likely. ... Read More »

Filed Under: Bankruptcy Procedure Tagged With: Chapter 13 plan, Chapter 7, disposable income, income, means test

Bankruptcy Timing and the Holidays

December 7, 2015 by Chris Kane

Filing bankruptcy in December instead of January can make the difference between qualifying for Chapter 7 and being forced into Chapter 13.   If you have a serious debt problem, you may be doing your best during the holiday season to work around it. You feel you need to get through the next few ... Read More »

Filed Under: Bankruptcy Procedure Tagged With: Chapter 13 plan, Chapter 7 bankruptcy, disposable income, income, means test, qualifying for Chapter 7

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Welcome to the Portland Bankruptcy Law Blog

I'd like to help you overcome your financial problems. One good way to start is to provide you with accurate and timely information about the bankruptcy laws. I do that here through informative blog posts, with a new one published here every week. I've been doing this for years so there is a wealth of information for you here.

But please be aware that since you are unique person you need a highly personalized solution to your challenges. That requires the analysis and advice of a conscientious and highly experienced attorney. That's really the only sensible way to get the benefit of the many powerful and effective remedies that the law provides.

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