There is a new irony dealt by the bankruptcy means test, which has been required since the 2005 changes to the bankruptcy laws. On November 1, 2009 a new set of median income figures will apply to debtors seeking relief under bankruptcy that will kick more people when they are down.
October 2009
Can Bankruptcy keep you from getting student loans? No. That’s the simple answer. If the loan is either funded or guaranteed by the government, you can’t be denied your right to get such a loan simply because you filed for, or were a debtor in a bankruptcy. In most cases, getting loans immediately after filing [...]
Under the Bankruptcy Code, we calculate your “current monthly income” to see if you qualify for a chapter 7 case. Those with “current monthly income” more than the median income are presumed to be abusing the bankruptcy system if they file a chapter 7. They can “overcome” this presumption in some cases through the complex [...]
Filing for Bankruptcy is no walk in the park.� It is an extensive process, with significant document gathering and processing, in addition to research, disclosures, and sometimes multiple court and trustee hearings. �Nevertheless, the more work done up front, the smoother the process will be.� One such area involves compiling all the due diligence documents [...]
I am often asked what to I need to do to file a bankruptcy. My reply is you have taken the first step. You have contacted a bankruptcy lawyer seeking information. Only with this information can you determine if you can file bankruptcy and if bankruptcy is the right thing for you to do. I [...]
If you are a consumer thinking about filing bankruptcy, you will want to figure out whether to file bankruptcy before or after November 1 when changes to the income eligibility guidelines take effect. For some people, the means test changes will help and for others the changes will hurt. In Kansas, for example, median family [...]
