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...]
You May Not Need to Take the “Means Test” If You Are a Business Debtor
September 23, 2014 by Leave a Comment
Why Every Day Can Make a Difference in Passing the “Means Test”
September 9, 2014 by Leave a Comment
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
August 26, 2014 by Leave a Comment
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...]
Property Tax Debt—Another Good Reason to Get Bankruptcy Advice before Selling Your Home
August 7, 2014 by Leave a Comment
Falling behind on property taxes is serious, but not necessarily reason to rush off and sell your home. This continues a series of blogs about why you should get advice from a bankruptcy attorney before selling your home while under financial pressure, this one particularly on getting behind on property taxes. Property Tax—the Superior Lien … [Read more...]
Three More Good Reasons to Get Bankruptcy Advice Before Selling Your Home
July 24, 2014 by Leave a Comment
Get advice if 1) you can’t afford your house payments, 2) it has an income tax lien, or 3) your mortgage modification was rejected. The last blog gave three reasons why you should get advice from a bankruptcy attorney before selling your home. Here are three more. They will help you make better decisions about your home, and could save you lots … [Read more...]
Get Bankruptcy Advice BEFORE Selling Your Home
July 9, 2014 by Leave a Comment
If you’re hurting financially, getting advice from a bankruptcy attorney before you sell your home could save you lots of money. Here’s how: Get Rid of Judgment Liens, Instead of Paying Them If you have been sued by a creditor, or by anybody, and you didn’t resolve and pay the obligation, most likely a judgment was entered against you. . You … [Read more...]
Easy but Important Mistakes to Avoid: Selling or Borrowing against Assets Protected in Bankruptcy
June 19, 2014 by Leave a Comment
Give yourself a fresh financial start NOT just with your debts, but also with your assets. How to How to Get the Most Out of Your Bankruptcy The focus in bankruptcy is on dealing with your debts, wiping out and getting a handle on the negative side of your balance sheet. But getting a financial fresh start means not just getting relieved of … [Read more...]
Easy but Important Mistakes to Avoid: Surrendering Your Vehicle or Getting it Repossessed
June 4, 2014 by Leave a Comment
What if you could pay less per month, lower the interest, and pay less until you owned your vehicle free and clear? Bankruptcy as a Game-Changer Bankruptcy is full of surprises, mostly pleasant ones. The most important reason to see a bankruptcy attorney sooner rather than later is that you will then more likely be able to take advantage of … [Read more...]
Easy but Important Mistakes to Avoid: “Preferences”
May 16, 2014 by Leave a Comment
Acting honorably towards a favorite creditor or two before filing bankruptcy can make you anything but their favorite. Paying Your Favorite Creditor Before Filing Bankruptcy Although bankruptcy law fixates on what you own and who you owe at the moment your bankruptcy case is filed, there are some important ways that the law can look into the … [Read more...]
Easy but Important Mistakes to Avoid While Considering Bankruptcy
May 2, 2014 by Leave a Comment
Words I hate to tell new clients: “If only you’d come to talk with me sooner.” Bankruptcy attorneys are in this area of law because we really want to help people. What makes me want to come to the office every day is the privilege of listening to people’s tough stories and then giving them good news about how I can help make their life much … [Read more...]
