Use the right “number of people in your household” to qualify for Chapter 7. Sometimes obvious, but not always. Our last blog post last week was about which state to use for the “means test” when you have connections to more than one state. The way you answer that question can be crucial ... Read More »
What is Considered “Income” for the Chapter 7 “Means Test”
“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 »
The New Median Income Amounts for the Chapter 7 “Means Test”
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 »
The Military Exemptions from the Chapter 7 “Means Test”
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 »
A Chapter 7 “Means Test” Calculation Adjustment
As of April 1, 2016 you can have a little more "disposable income" and still pass the "means test" to qualify for Chapter 7 bankruptcy. Means Test The “means test” determines whether you have enough income after your expenses (that is, enough “disposable income”) to ... Read More »
A Fresh Start at Protecting Your Co-Signer Better
The “co-debtor” stay, available only under Chapter 13, is a creative tool for protecting your co-signer from being forced to pay your debt. The last blog post was about filing a Chapter 7 “straight bankruptcy” case to “discharge” (legally write off) all or most of your other debts so that ... Read More »
A Fresh Start on Your Home with Chapter 13
Adjusting your mortgage and other home-related debts under Chapter 13 can often give your home the very best fresh start. Our last two blog posts have been about two options for when you need help making mortgage payments: a mortgage modification and a forbearance agreement. In a nutshell, a ... Read More »
Bankruptcy Timing: Filing in 2016 to Write Off More Income Taxes with Chapter 13
With Chapter 13 you may have to pay some part of the taxes that you could just discharge under Chapter 7, but it may be worth it. Last week just before New Year’s Day we showed how to discharge (legally write off) more of your tax debts (likely for the 2012 tax year) under ... Read More »
Bankruptcy Timing and the Holidays: Filing in January to Qualify for Chapter 7 or Shorten Chapter 13 Case
Think about filing bankruptcy in early 2016 if you had some extra source of money in mid-2015. Some people can take advantage of the peculiar way that bankruptcy law calculates “income” for purposes of the “means test” by filing their Chapter 7 case with the right ... Read More »
Bankruptcy Timing and the Holidays: Extra Income in December Affecting the “Means Test”
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 »
