Bankruptcy petition preparers offer an option sort of like a guy in a trench coat selling wrist watches. Bankruptcy petition preparers are not attorneys but offer ‘document preparation services’. With a word processor and a computer, pretty much anyone can create a pile of paper. But a troublesome issue looms where bankruptcy petition preparers create [...]
Tag Archives: means test
BANKRUPTCY: Means Test – Chapter 7
The Chapter 7 means test determines whether people are eligible to file chapter 7 bankruptcy relief. Failing the test requires filing a chapter 13, filing no bankruptcy or taking a closer look. First Step To Chapter 7 Means Test The first step is simple math. Add all gross income in the household during the six [...]
Bankruptcy Basics
Any view of bankruptcy basics starts with the two types of consumer bankruptcy: Chapter 7 and Chapter 13. Chapter 7 cancels or “discharges” many types of debt. Most credit card, medical, and other unsecured debts are discharged, as are most court judgments and loans. Many filers find all of their debts discharged. Debts not [...]
Bankruptcy Considerations: Should I File?
Bankruptcy considerations. Just the thought can overwhelm. But, anyone confronting a mountain of debt should weigh the pros and cons. First, calculate how long it will take to pay off your debts. Throw all credit cards in a drawer. Figure how much over the minimum payments you can make each month. Then, determine when you [...]
Keeping Cars in Bankruptcy
Is keeping cars in bankruptcy possible while still discharging credit card debt possible? We want to file a chapter 7 bankruptcy. How do we tell if we make too much money to even file a chapter 7? Whether or not bankruptcy filers can keep any individual piece of property depends on many factors, including how much [...]
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