You can have more income for the purpose of passing the means test as your household size increases. But what IS your household’s size?
There are two military-related exemptions from the Chapter 7 means test. They are narrow but if you qualify it can be a major advantage.
You only have to pass the means test if you have “primarily consumer debts.” If you have more business debts, skip the means test.
You have to pass the means test to qualify for a Chapter 7 case. It’s often an easy test to pass but one with some crucial twists and turns.
Chapter 7 “asset” cases may sound scary. They needn’t be. We walk you through a very straightforward example to demystify this.
Most Chapter 7 cases are “no-asset” ones. So, what’s an “asset case,” and is it good or bad for you?
Just because you own something that’s not exempt doesn’t always mean that the Chapter 7 trustee will take it. The trustee could abandon it.
Just because you own something that isn’t exempt does not necessarily mean that your Chapter 7 trustee will liquidate it. Maybe not.
Most individual consumer Chapter 7 cases are “no asset” ones. This means that the Chapter 7 trustee doesn’t liquidate any debtor assets.
Assets acquired after filing under Chapter 7, such as wages, can’s be reached by the trustee. But watch out for proceeds, rents and profits.
The 180-day rule also applies to marital property division, whether by agreement or court decree.
The 180-day rule applicable to life insurance proceeds also applies to death benefits overall. Death benefits may also often be exempt.
The 180-day rule applies to life insurance proceeds in a Chapter 7 case. But life insurance proceeds are often exempt, or protected.