Posts Tagged 'means test'

How to tell a great bankruptcy lawyer from an average bankruptcy lawyer

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This is another post from our prolific colleague in California, Cathy Moran, certified bankruptcy lawyer in California.

Her post (below) gives great insight into how good bankruptcy lawyers think. Average lawyers view the bankruptcy process as a bunch of paper work. Great bankruptcy lawyers see a puzzle that must be solved in the most efficient and successful way possible. What kind of bankruptcy lawyer do you want on your side?

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One trait makes a bankruptcy lawyers  stand out.

Bankruptcy forms suck you in ...

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Do I Qualify for Chapter 7 Bankruptcy?

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Chapter 7 bankruptcy is also referred to as “straight” or “liquidation” bankruptcy. As part of Chapter 7 bankruptcy, the bankruptcy trustee cancels many (or all) of your debts. At the same time it might also liquidate some of your property to pay your creditors.

You won’t be able to use Chapter 7 bankruptcy if you already received a bankruptcy discharge in the last six to eight years (depending which type of bankruptcy you filed) or if, based on your income, expenses, ...

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How Does Median Income Affect Bankruptcy?

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When you file for Chapter 7 or Chapter 13 bankruptcy, your household income is compared to the median income in your state for a household of the same size. For Chapter 7 bankruptcy, median income is used as a means test to determine if you are eligible for chapter 7 relief or not. If  you don’t qualify for Chapter 7, median income is used to determine ...

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