Tag archive for ‘bankruptcy attorney’
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 [...]
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 [...]
Bankruptcy and Taxes
by Richard Stokan on 7/19/10 | 0 Comment(s)
As a general rule, you cannot discharge back taxes in bankruptcy. Certain income taxes, however, can be discharged under limited circumstances. When filing for Chapter 7 bankruptcy protection, taxes can be discharged under the following circumstances: (1) the taxes are limited to taxes on income. Taxes levied for fraud, payroll taxes or sales taxes do [...]
Bankruptcy Can Be Involuntary
by Richard Stokan on 7/12/10 | 0 Comment(s)
Although most people are familiar with voluntary bankruptcy, a debtor can be forced into an involuntary bankruptcy. Under certain circumstances, creditors can initiate a Chapter 7 or Chapter 11 bankruptcy case by filing an involuntary petition against the debtor. Before creditors can initiate an involuntary bankruptcy, a debtor must have 12 or more creditors, three [...]
Student Loans, Co-signers and Undue Hardship
by Richard Stokan on 7/09/10 | Comments Off Comment(s)
As a general rule, student loans are “non-dischargeable” debt, which means the debt will remain after a Chapter 7 or Chapter 13 bankruptcy. This applies to both the original debtor and any co-signor. If you cosign on a student loan, filing for bankruptcy protection will not eliminate the debt. As with any debt involving a [...]
Discharging Back Taxes in Chapter 7
by Jacob on 7/09/10 | 0 Comment(s)
A lot of my clients find themselves owing back taxes to the IRS. And when I tell my clients that they might be able to discharge their tax debt if they file for chapter 7 bankruptcy, they almost always look at me like I am crazy. But it is true. In some cases, you can [...]
Are You an Appraisal Away From a Mortgage Modification?
by Moderator on 7/05/10 | 0 Comment(s)
PROBLEM: MORTGAGES AREN’T BEING MODIFIED Oh, how much easier life would be for homeowners if all that was needed for a mortgage modification was an appraisal. In today’s troubled housing market it does seem equitable, doesn’t it? Demonstrate to your lender that you owe far more than your home is worth, and of course, that [...]
Beware Of Trial Mortgage Modification Programs
by Moderator on 6/18/10 | 0 Comment(s)
Quite a bit of attention has been given on this forum to the difficulty of getting a mortgage modified. A few of the posts have suggested alternative paths to mortgage modification and of course second and third mortgages can be “stripped” or removed through chapter 13 bankruptcy. However, many Americans are still pursuing the traditional path [...]
