Getting a Fresh Financial Start After Closing Down Your Small Business
Closing down a business can be messy. A bankruptcy filed to deal with the financial fallout of a business closure is often more complicated than a normal consumer bankruptcy case. But not necessarily. In one respect at least, a business bankruptcy can actually be much easier than a consumer one. If you’ve owned a small […]
The Far Limits of the Means Test
Very few people who want to file Chapter 7 bankruptcy need to take the means test all the way to its limits. But if you do, you better have some iron-clad “special circumstances” to defeat your “presumption of abuse.” The means test triggers whether or not your case is presumed to be an abuse […]
The “Black Box” of the Means Test
What happens if you make too much money so that you are over “median income,” but you still want to file a Chapter 7 case? You get to go through the “black box” that is the expenses side of the means test. In the last couple of blogs I’ve covered the first part of […]
The Rigid “Means Test” Makes the Timing of Your Bankruptcy Filing Critical
Waiting just one day to file your Chapter 7 bankruptcy case can make qualifying for it much easier—or much harder! How could such a small delay make such a big difference? One of the main goals behind the huge amendment to the bankruptcy law in 2005 was to force more people to pay a portion […]
Stepping Over the “Means Test” Hurdle Without Breaking Your Stride
Are you among the large majority of people whose income easily qualifies them for Chapter 7 “straight bankruptcy”? You can find out right here and now. As you’ve likely heard, a few years ago Congress passed a major set of changes to the bankruptcy laws intended to make it harder for some people to file […]
How to File a Chapter 7 “Straight Bankruptcy” Even If You Make More than the “Median Family Income”
The amount of your income may not disqualify you from Chapter 7.
I Make Too Much for Chapter 7, Owe Too Much for Chapter 13, So Now What Do I Do?
If you don’t qualify for either Chapter 7 or 13, do you have to do a very expensive Chapter 11 reorganization? Or could you still qualify after all?
What is “Median Family Income,” and If You’re Making More Than That Can You Still File a Chapter 7 Case?
If your family income is more than the “median family income,” you may still be able to file under Chapter 7.
Five Truths about Qualifying for Chapter 7 Bankruptcy
Not everyone who wants to file a Chapter 7 “straight bankruptcy” can do so. But most do. There is probably no topic that causes more confusion among people thinking about filing bankruptcy –do they qualify? Let me set the story straight. 1. Inaccurate publicity: People think it’s difficult to qualify for filing bankruptcy because of […]
A Big Benefit to Owing Lots of Business Debt: Skip the “Means Test” and Qualify for Chapter 7
If you owe more business debt than consumer debt, then you can avoid not only the “means test” but also some other roadblocks to a successful post-business Chapter 7 bankruptcy case.