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How Chapter 7 Bankruptcy Works
by Drew Broaddus on 9/02/10 | 0 Comment(s)
Be forewarned, the following journey through chapter 7 bankruptcy law is a bit technical, so if you are considering filing for chapter 7 bankruptcy, consult a bankruptcy attorney. Chapter 7 Bankruptcy: It All Begins A chapter 7 bankruptcy case begins with the debtor filing a petition with the bankruptcy court serving the area where the [...]
National Bankruptcy Forum Disclaimer
by Moderator on 8/19/10 | Comments Off Comment(s)
PLEASE REVIEW THE FOLLOWING TERMS OF USE AND LEGAL DISCLOSURES UNDER THE BANKRUPTCY CODE (“THIS AGREEMENT”) CAREFULLY BEFORE USING THE Nationalbankruptcyforum.com WEBSITE (the “Site”). These terms explain your (and our) rights under this Agreement, and contain certain disclosures required under the law. By visiting the Site, you agree to the terms of this Agreement. If [...]
Qualifying For Chapter 7 With High Income
by Drew Broaddus on 8/18/10 | 0 Comment(s)
Much has been written about the means test since it was enacted as part of the 2005 amendments to the Bankruptcy Code, also known as the BAPCPA. For an excellent explanation of what the means test is, see Lori Patton’s recent contribution at the National Bankruptcy Forum. Despite the fact that it is frequently written about, the [...]
Do I Have Too Much Debt To File Chapter 13 Bankruptcy?
by Moderator on 8/12/10 | 0 Comment(s)
It is certainly possible to have too much disposable income to qualify for chapter 7 bankruptcy thanks to the means test. Is it also possible to have too much debt to then file for chapter 13 bankruptcy? Often referred to as a wage earner’s plan, chapter 13 bankruptcy enables individuals earning a living but hampered by excessive [...]
Conversion to Chapter 13 to Avoid Dismissal on Presumption of Abuse
by Richard Stokan on 8/03/10 | 0 Comment(s)
I recently discussed involuntary dismissals of Chapter 7 petitions under 11 U.S.C. § 707(b) where the Court determines that a presumption of abuse exists. If faced with an inevitable dismissal under 11 U.S.C.§ 707(b), a debtor can convert to a Chapter 13 bankruptcy. See 11 U.S.C.§ 706. This requires the debtor to file a petition [...]
Qualifying For Chapter 7 Bankruptcy: The Means Test Made Simple (Sort of)
by Moderator on 7/26/10 | 0 Comment(s)
Much has been written about the now infamous means test; Congress’ answer to the credit card lobby’s complaints that too many Americans who could afford to pay back some of their debts were allowed to file for chapter 7 bankruptcy. The means test effectively tries to divert some consumers with “above average” income into a [...]
Presumption of Abuse Dismissal – Failing the Means Test
by Richard Stokan on 7/26/10 | 0 Comment(s)
The quickest way to have your Chapter 7 bankruptcy petition dismissed is to fail the means test. A debtor who fails the means test raises a rebuttable presumption of abuse. In the event a presumption of abuse exists, 11 U.S.C. § 707(b)(2) authorizes the court, US trustee or any part in interest to file a motion [...]
When the credit industry controls the bankruptcy laws, women lose
by Moderator on 7/04/10 | 0 Comment(s)
Despite lip service to the contary, the now infamous bankruptcy reforms of 2005 were bought and paid for by the credit card industry. Credit card companies used their substantial lobbying influence to make it harder for consumers to shed credit card bills in chapter 7 bankruptcy. Armed with the argument that those who could afford to pay [...]
Paying for your child’s college expenses won’t help you qualify for Chapter 7
by Stephen Trezza on 6/14/10 | 0 Comment(s)
Thanks to the means test, in order to qualify for chapter 7 bankruptcy your disposable income must be under a certain level. Basically if you have lots of money left over after “allowed” monthly expenses, you may not qualify for chapter 7 under the “new” bankruptcy laws. Car payments, house payments and many other living [...]
Should I Consider Filing For Bankruptcy?
by Moderator on 6/09/10 | 0 Comment(s)
Should I File Bankruptcy? Have you and your spouse been sitting around the kitchen table mulling the “should I file bankruptcy” question? If so, here are some keys to simplify your thought process: 1. Don’t make the “should I file bankruptcy?” decision on your own. Attorneys, family members, and even other debtors who have been [...]
