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
We show by example how the means test works, when a person qualifies for a Chapter 7 case simply by income.
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.
“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.
You qualify for Chapter 7 without having to pass the “means test” if you fit within these very specific military-related exemptions.
If your debts are not “primarily consumer debts” then you may be able to qualify for Chapter 7 bankruptcy much more easily.
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.
Not only have our incomes continued to go down since the recession officially ended, they’ve gone down more than they did during the recession.