Taking the “Means Test” All the Way to Its End
If your income is higher than the median and you have too much disposable income, you’ll need “special circumstances” to do a Chapter 7.
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The “Means Test” Tries to Be Objective
The point of the “means test” is to objectively judge whether you have the means to pay your creditors. But this test is very arbitrary.
The Expenses Step of the Chapter 7 “Means Test”
If your income is higher than “median income,” you may still file a Chapter 7 case by going though the expenses part of the means test.
Taking Advantage of the Rigidity of the Chapter 7 “Means Test”
Because of how precisely the amount of your “income” is calculated, filing bankruptcy just a day or two later can make all the difference.
The Easiest Way to Pass the Chapter 7 “Means Test”
Most people considering Chapter 7 “straight bankruptcy” have low enough income to qualify. Find out if you do.
Why You Should or Should Not Worry about Creditors Objecting in Your Bankruptcy Case
FACT: In bankruptcy, creditors seldom fight the write-off of their debts. Why not? And when DO they tend to fight?
When Chapter 7 “Straight Bankruptcy” is Not So Straightforward
How can you tell if your Chapter 7 case will be straightforward? Avoid 4 problems.
Major Advantages of Chapter 13 “Adjustment of Debts”
Chapter 7 “straight bankruptcy” is quick and often gives you what you need. But in many situations, Chapter 13 gives you SO much more.
What a Simple Chapter 13 Case Looks Like
The most common reason for a Chapter 13 “adjustment of debts” is if you have debts that can’t be written off in a “straight” Chapter 7 case.
Discharge of Your Debts: THE Goal of Bankruptcy
Most debts are “discharged”–written off–in bankruptcy. But some may not be. Can we know in advance which will and will not be discharged?