Tag archive for ‘means test’
Did A Holiday Bonus Give You An “F” On The Means Test?
by Moderator on 1/21/10 | 0 Comment(s)
The Means Test was implemented as part of the 2005 bankruptcy reforms with the goal of making it more difficult for those with the “means” to pay back their creditors to file for chapter 7 bankruptcy. The means test looks at a consumers current monthly income or “CMI.” CMI is defined as average gross earnings Read more>>
Does Failure to pass the Means Test Automatically Cut Off Chapter 7 Eligibility?
by Lori Patton on 12/30/09 | 3 Comment(s)
Short Answer: There’s still some hope, but hold on tight.
Long Answer: I hate the Means Test. I have just this second decided that will be the subject of my next posting as explaining why would take some time. Suffice it to say, it doesn’t make any sense. So we have the Means Test that was Read more>>
I’ve found a new job, will I still be able to file for bankruptcy?
by John O'Connor on 11/15/09 | 0 Comment(s)
I’ve found a new job, can I still file bankruptcy?
If you’ve read this blog with any frequency, you’ve undoubtedly seen numerous posts about bankruptcy reform and the means test. Indeed, much has been written about the means test, the vaunted gatekeeper to chapter 7 bankruptcy protection implemented by Congress as part of BACPA in 2005. Read more>>
Household Size and the Means Test
by Richard O'Connor on 11/12/09 | 2 Comment(s)
The “Means Test” was implemented in 2005 as a way of preventing consumers with the ability to pay back their debts from filing for chapter 7 bankruptcy. Determining a household size for purposes of the Means Test can be simple or complicated depending on the family. The proper method for determining household size is an Read more>>
Accounting for a non-filing spouse’s income in a chapter 7 bankruptcy
by Richard O'Connor on 11/02/09 | 0 Comment(s)
Much has been written about the bankruptcy reforms of 2005. The bottom line for consumers is that Congress attempted to make it more difficult to file a chapter 7 case by imposing income requirements. When Congress enacted the Bankruptcy Abuse and Prevention Consumer Protection Act of 2005 (BAPCPA), it overhauled the eligibility requirements for Read more>>
Is A Non-Filing Spouse’s Income Included In The Determination of Bankruptcy Qualification?
by Jeff Herrick on 5/20/09 | 0 Comment(s)
If a married person files for bankruptcy and does not include his/her spouse in the filing, the income earned by the nonfiling spouse must be included in the means test calculation. According to the bankruptcy code the spouse’s income must be accounted for to the extent that the nonfiling spouse contributes on a regular basis Read more>>
