Actually, there’s no income limit for filing bankruptcy. None, nada, no way. Instead, there’s the infamous means test, an awkward and complex formula, written by Congress, to identify individuals who are entitled to file Chapter 7. Not everyone has to take the means test. The means test doesn’s apply to individuals whose debt is primarily […]
Will recent credit card use sink my bankruptcy
If I’ve used credit cards before filing bankruptcy, do I have to wait? Too many people considering filing think there is some sort of waiting period between financial activity and filing bankruptcy. So, let’s look at the issues in play surrounding recent credit card charges and seeking bankruptcy relief. There’s no 90 day rule Everyone […]
What looks bad to the trustee in prebankruptcy conduct
Wondering what bankrutpcy trustees look for when they ask for bank statements and question you at the 341 meeting? Worried that a bankruptcy trustee will examine your situation and somehow disqualify you from bankruptcy because of something you did (or didn’t do) right before you filed? Not to worry. Your bankruptcy discharge does not depend […]
What You Can Do With Money Before Filing Bankruptcy
Worried that a bankruptcy judge or trustee is going to scour your spending before bankruptcy, looking for behavior that would disqualify you from bankruptcy relief. It’s not so. Yet there seems to be real anguish that “they” are going to toss your case out of bankruptcy court because of some “fault” in how you’ve handled […]
Will I Get a Discharge in My Bankruptcy Case
Getting a bankruptcy discharge is what almost all cases are about. So the question of whether or not you’ll get a discharge looms large in Chapter 7. The short answer is that if you are eligible for a discharge, you’re almost certain to get a discharge. Eligibility, in this context, looks at whether you’ve gotten […]
Disarm The Debt Collector: Understanding The Weapons of Debt Collection
You can stop a debt collector cold, wherever you live, using federal law. It doesn’t take a lawyer, a court, or an enforcer. That’s because the weapons of a debt collector are fear, shame, and annoyance. The weapon delivery system is communication. Those weapons don’t have to be any more threatening than a plastic toy […]
Your Tax Refund Is Exposed In Bankruptcy, Unless…
The prospect of a tax refund makes most of us light up even when we haven’t even calculated what the refund might be. But if you’re thinking of filing bankruptcy before you actually see Uncle Sam’s check, take a minute to plan. Your right to that refund is property of your bankruptcy estate even if […]
California drivers score huge bankruptcy win
California law, effective January 1, 2023, will assure those who file bankruptcy that they can keep their car as long as they stay current on payments. No longer does a debtor have to give up their discharge as to the car lender to be sure of keeping the car. The same bill, SB 1099, increases […]
Don’t Fall For Your Mortgage Lender’s Insurance
The mortgage lender’s property insurance does not leave you in good hands. No matter how much time it saves you. Your lender is not a good neighbor when it comes to insurance. When your home insurance lapses Somehow my client let her homeowners insurance lapse. She wasn’t worried about it, she told me, because the […]
Acing Bankruptcy’s Means Test For Those Over Median Income
Your future living expenses may be the key to passing the bankruptcy means test. Those who are under median income for their state have already passed the means test. Those over median income move on to the expense portion of the test to calculate whether they have more than the allowed disposable income. Most often, […]
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