One of the many advantages for an individual choosing to file a Chapter 11 bankruptcy over a Chapter 13 Bankruptcy is that the 707(b) means test is not incorporated into the calculation of disposable income for individual Chapter 11 debtors. Indisputably, the greatest change to the bankruptcy code in 2005 was the addition of the [...]
November 2009
The troubled economy continues to result in increased bankruptcy filings, even in the tourist or retirement areas. Bankruptcy filings are increasing each month at a rapid pace.
The Means Test is one of the biggest changes to Bankruptcy Law passed since Chapter 13 Budget Plans were first formalized in 1938. The means test is supposed to determine whether there is income available for creditors after certain allowable expenses are deducted. A cornerstone of the means test is household size. The number and [...]
The mainstream media continues to catch up on the crisis, reported months ago by the Congressional Oversight Panel, that only a tiny percentage of distressed homeowners are receiving assistance. The Treasury Department announced that it would be sending in SWAT teams to monitor the larger mortgage companies’ compliance with the modification program.
Our politicians’ and our financial institutions’ inability or unwillingness to fix our real estate market should disgust every Middle Class American. The result has been the continued destruction of homeownership and community by the foreclosure cancer. It is a cancer that began attacking the weak cells of the low-middle class and has spread to a [...]
