Long-time Rhode Island Bankruptcy Judge Arthur N. Votolato held recently in the case of In re Perfetto, — B.R. —-, 2007 WL 172190 (Bankr.D.R.I., Jan 19, 2007)(NO. 06-10509) that upon conversion from Chapter 13 to Chapter 7 a debtor must file the B22A (means test) form. The import of this is that above [...]

Popularity: 3% [?]

Are your personal finances strained and moving toward a breaking point?  Well, you a certainly not alone.  And as the finances of millions of middle class Americans head toward crisis, so goes their mortgage lender.  The sector of the mortgage lending industry which suffers the most exposure to financially-stressed Americans is known as the “subprime” [...]

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Two terms that you may see frequently when you are learning about bankruptcy are “median income test” and “means test.” You will be able to make better decisions about filing bankruptcy and about choosing a lawyer if you understand what these terms mean. Here are brief definitions:
Median income test - in cases where [...]

Popularity: 7% [?]

The fastest growing demographic group of bankruptcy filers is those over 65. The reasons are diverse: fewer traditional pensions; increases in the cost of medical care; availability of easy credit; and efforts to help younger family members all play into the mix.
Seniors are frequently reluctant to share their financial difficulties with family members [...]

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The Kansas City Star has this report. ‘A majority of respondents to a poll by the American Bankruptcy Institute expect an upsurge in bankruptcies among middle-size private and family businesses this year.’
‘According to the poll by the national organization, which monitors bankruptcies, 27 percent of respondents ‘agreed strongly’ and 44 percent ’somewhat agreed’ that middle-market [...]

Popularity: 1% [?]