Passing the Chapter 7 Means Test the Easy Way

Most people can pass the means test and qualify for Chapter 7 bankruptcy simply because their income is no more than the “median income” for their state and family size. If you are considering bankruptcy, this blog can help you find out if you are among the many people whose income easily qualifies them for Chapter 7 “straight bankruptcy.” The … [Read more...]

The Vehicle Loan “Cramdown”

If your car or truck loan is more than two and a half years old and you owe more than it’s worth, you may be able to keep your vehicle for a lot less money. What’s a “Cramdown”? “Cramdown” is an informal term — you won’t find it in the federal Bankruptcy Code. In the context of vehicle loans, it is the procedure provided under Chapter 13 law … [Read more...]

The Lingering “Super-Discharge” of Some Marital Debts

If you have financial obligations from your divorce or separation decree OTHER than to pay child or spousal support, those obligations may be dischargeable under Chapter 13 bankruptcy. The Diminishing and Confusing “Super-Discharge” Since the total overhaul of the nation’s bankruptcy laws way back in 1978, people filing for bankruptcy under … [Read more...]

Chapter 13 Is Powerful Medicine for Curing Child and Spousal Support Arrearage

Chapter 13 is an extraordinary legal tool for protecting you from the aggressive civil law collection methods of your ex-spouse and support enforcement agency, allowing you to catch up while under this protection. Child and Spousal Support (Alimony) Collections Texas state law allows ex-spouses and support enforcement agencies to be extremely … [Read more...]

Chapter 13 Can Handle Federal Income Tax Debts

Although a "straight" Chapter 7 bankruptcy case can allow you to write off some income taxes, if you owe a lot of recent tax or multiple years of taxes, Chapter 13 is often the best option. Chapter 13 vs. Chapter 7 Bankruptcy with Income Taxes Chapter 13 bankruptcy is a court-approved payment program that usually takes three to five years to … [Read more...]

Special “Means Test” Challenges and Opportunities: Filing Quickly If Your Income Is Increasing

You must pass the means test to qualify for Chapter 7 “straight bankruptcy.” Otherwise you would likely end up in the much more time-consuming and expensive Chapter 13 “adjustment of debts.” Chapter 13 is great if you need its benefits, but not if you are forced into it and would prefer the much simpler fresh financial start of Chapter 7. Our … [Read more...]

Special Means Test Challenges and Opportunities: Dealing with a Recent One-Time Bump in Income

Our last two blog posts have been about the all-important means test, so please look back at them for helpful background information. (Click on “BLOG” above — just below the top banner picture — and you’ll see our recent blog posts in reverse chronological order down the page.) A Summary of the Means Test The means test was designed to prevent … [Read more...]

You May Not Need to Take the “Means Test” If You Are a Business Debtor

The means test is the gateway for qualifying to get a fresh financial start through a Chapter 7 “straight bankruptcy” case. This test is based first on your income and then, if your income is not low enough, also on your allowed expenses, all based on a very complicated set of rules. Being able to avoid all this and be allowed to file a Chapter 7 … [Read more...]

Why Every Day Can Make a Difference in Passing the “Means Test”

Purpose of the Means Test This test is intended to determine if you have the “means” to pay a meaningful amount of money to your creditors over a reasonable time period. As such, you have to pass the means test before you are allowed to go through a Chapter 7 “straight bankruptcy,” which generally lasts less than four months, or instead are … [Read more...]

Saving Your Home: Stretch out Catching Up on Your Mortgage & Property Tax Arrears through Chapter 13

The most favorable and flexible terms that you will get for curing your back mortgage and property tax payments is through Chapter 13 bankruptcy. Catching Up Without Bankruptcy If you fall behind in your mortgage payments and don’t have money set aside or a rich relative to help you catch up, you will have very few options for saving your home. … [Read more...]

Call Rockwall bankruptcy lawyer Carrie Weir at 972-772-3083 or fill out the contact from below for a free, confidential consultation to discuss your options.

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Consumer Bankruptcy

Can I keep my car? Will bankruptcy stop a foreclosure? Will I ever be debt-free again? How will I ever pay these medical bills?

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Chapter 7 Bankruptcy

If you want to stop creditor harassment, eliminate repossession debt, stop garnishments and keep your house, and car, a Chapter 7 bankruptcy could help.

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Chapter 13 Bankruptcy

Are you in jeopardy of losing your house? Are you making good money but everyone is asking for payment right now? Do you want or need to stop collections?

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