Photo by Alexander Mils on Unsplash. The recently expired deadline allowing pandemic relief payments from being excluded from the means test was extended to March 27, 2022. Way back at the beginning of the pandemic the CARES Act made some helpful temporary changes to consumer bankruptcy law. (See our blog post in April 2020 about this.) Those changes had expiration … Read More
New $2.2 trillion coronavirus relief law makes modest but potentially important temporary changes to both Chapter 7 and Chapter 13 law. If you’re thinking about filing a Chapter 7 “straight bankruptcy” case, the new CARES law may help, at least slightly. If instead you’re thinking about a Chapter 13 “adjustment of debts” case, the new law helps in more … Read More
Most people easily pass the means test based on their relatively low income. Timing plays a huge role in calculating your income.
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 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.