Smart timing of your Chapter 13 case can reduce its length by as much as two years, saving you tons of money and letting you get on with life. In our last blog post we explained how your last 6 calendar months of income can determine whether your Chapter 13 payment plan lasts 3 years or instead 5 years. … Read More
If you definitely need a Chapter 13 case, which month you file it can make the difference between your payment plan lasting 3 years or 5. In two blog posts last month (November 12 and 19) we showed how filing bankruptcy by the end of December 31 might allow you to file a Chapter 7 “straight bankruptcy” case instead … Read More
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.
With smart timing you can take advantage of the unusual way that your “income” is calculated for the Chapter 7 means test.
Determining your correct “applicable state” can make the difference between passing and failing the means test.
You must use the right “number of people in your household” to qualify for Chapter 7. It’s not always obvious.
You must use the right “state in which you live” to qualify for Chapter 7. It’s not always obvious.
“Income” is not what you think it is–it’s much broader than usual and fixates on the 6 full calendar months before your bankruptcy filing.
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.