Timing Can Be Crucial in Qualifying for Chapter 7

Wasson and ThornhillOctober 9, 2017Qualifying for Bankruptcy

The timing of your Chapter 7 filing–a difference of even just a day or two–can affect whether you qualify for it based on your income.

Timing Determines Your Income for the Means Test

Wasson and ThornhillOctober 6, 2017Chapter 7

Most people easily pass the means test based on their relatively low income. Timing plays a huge role in calculating your income.

An Example of Smart Timing for Passing the Means Test

Wasson and ThornhillJuly 10, 2017Chapter 7

With smart timing you can take advantage of the unusual way that your “income” is calculated for the Chapter 7 means test.

The Easiest Way to Pass the Means Test

Wasson and ThornhillJuly 5, 2017Qualifying for Bankruptcy

We show by example how the means test works, when a person qualifies for a Chapter 7 case simply by income.

The “Means Test” and its New Median Family Income Amounts

Wasson and ThornhillMarch 21, 2016Chapter 7

Besides the many 3-year cost of living increases happening on April 1, 2016, new median income amounts also start applying on the same day.

Some Larger Households about to Have Shorter Chapter 13 Cases

Wasson and ThornhillMarch 11, 2016Changes in Bankruptcy Law

Soon families of larger than 4 people can have a bit more income and qualify for a 3-year Chapter 13 payment plan instead of a 5-year one.

Timing Your Bankruptcy: File in January to Qualify for or Shorten Your Case

Wasson and ThornhillDecember 28, 2015Bankruptcy Options

Think about filing bankruptcy in early 2016 if you had some extra source of money in mid-2015.

Timing Your Bankruptcy: Qualifying for the “Means Test” in December

Wasson and ThornhillDecember 9, 2015Qualifying for Bankruptcy

We show step-by-step how filing bankruptcy before the end of December can enable you to qualify for Chapter 7 “straight bankruptcy.”

Timing Your Bankruptcy during the Holidays

Wasson and ThornhillDecember 7, 2015Bankruptcy Advice

Filing bankruptcy in December instead of January can make the difference between qualifying for Chapter 7 or being forced into Chapter 13.

Executive Compensation and Income Inequality

Wasson and ThornhillSeptember 10, 2014News

How much has the compensation of top corporate executives really been going up? How much in comparison to their employees?

The Minimum Wage and Wage Stagnation

Wasson and ThornhillSeptember 8, 2014News

Has the minimum wage really been declining? Would an increase in the minimum wage mostly affect teenagers? What about women? And minorities?

The Role of Labor Unions in Why Middle Class Wages Aren’t Increasing

Wasson and ThornhillSeptember 5, 2014News

Economists can debate how much unions have helped boost wages historically. But unions’ decline does seem related to our wage stagnation.

Sensible Reasons Why Middle Class Wages Have Not Increased in the Last 10 Years

Wasson and ThornhillSeptember 3, 2014News

Wages have not been rising because of high unemployment, increasing employer health care costs, and the shift to lower paying jobs.

Labor Day and the “Lost Decade” for Wage Growth

Wasson and ThornhillSeptember 1, 2014Holidays

Today’s worsening income inequality is partly explained by stagnant middle class wages during the last decade. Why AREN’T wages rising?

Good Reason to Delay Filing Bankruptcy until Now: To Take Advantage of the Timing Twists of the “Means Test”

Wasson and ThornhillJanuary 20, 2014Bankruptcy Advice

Waiting until just the right time to file a Chapter 7 bankruptcy can help avoid being bounded into a 3-to-5-year Chapter 13 case.