Most people find the Means Test a pain the butt. I do. One thing clients don’t understand is why their spouse’s income matters even if their spouse isn’t filing a bankruptcy case. That’s because Congress says it matters. If you are receiving support in your household from your spouse, then you’re supposed to have that [...]
IRA
One of the most common fears that people considering bankruptcy have is whether or not they will lose their retirement if they file for bankruptcy. Like all legal questions, the answer to the question of whether or not a debtor will lose their retirement benefits if they file for bankruptcy is that they will probably [...]
The answer in almost every case is No! To start, in Chapter 13, assets are never taken and liquidated. Instead, most Chapter 13 Plans are funded from earnings, and your retirement plan would be used to fund the same only if you so voluntarily chose. In Chapter 7, retirement accounts are likewise generally never taken [...]
