When filing for Chapter 7 bankruptcy, a debtor with income below the state's median income (for his household size) automatically qualifies for Chapter 7 bankruptcy. But what exactly is household size? And, who can you include in your household? Generally speaking the bankruptcy court includes your spouse and dependents in your household size; but it [...]
Here's another reason why many debtors filing for Chapter 7 bankruptcy without the help of a bankruptcy attorney find themselves in a heap of financial trouble. Most debtors who are married but filing alone don't understand that they will be required to use a means test form to determine their eligibility for Chapter 7 bankruptcy; [...]
If a debtor is filing Chapter 7 bankruptcy he/she may be required to take an income/means test to determine if they meet the income qualifications for filing for Chapter 7 bankruptcy. When it comes to the income/means test, many debtors mistakenly believe that they don't need to report side income from a part-time job or [...]
In Dallas-Fort Worth Texas a debtor filing for Chapter 7 bankruptcy may have to take a means test which looks at the debtor's average income over the 6 month period preceding the month of bankruptcy filing. In Texas, a single debtor filing for Chapter 7 bankruptcy must not make more than $3,093 per month or [...]
When filing for Bankruptcy with an outstanding car loan you may want to consider reaffirming the debt with the lender. When you reaffirm the car loan you agree that you will be responsible for the car loan debt despite filing for Chapter 7 bankruptcy . In other words, even after filing for bankruptcy you will [...]
An article in Business Week claims that that bankruptcy laws have backfired on mortgage companies because the new laws make it so much harder to file, causing many people to allow their homes to fall into foreclosed before attempting to file bankruptcy. This article is only partly right. Yes, filing bankruptcy takes a lot more [...]