income Tag

28 Sep Means Test and Attorney Fees

I wrote about attorney fees as a means test deduction some time ago.BAPCPA's provision, codifiedat section 707(a)(2)(A)(iv) of the Bankruptcy Code, says that priority claims are deducted from income. Priority claims include a Chapter 13 debtor's counsel's fees. See sections 507(2), 503(b)(2), and 330(a)(4)(B). Therefore,...

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27 Mar Can bad faith or excess income be “cause” to dismiss a non-consumer Chapter 7 case?

As has been often explained, Chapter 7 Debtors with primarily business debt, or otherwise not primarily consumer debt, are not subject to the "means test" adopted in the 2005 bankruptcy reform act.In fact, they are not subject to any of the provisions of the Bankruptcy...

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03 Nov Profit and Loss Statements for Bankruptcy

If you’re running a business, filing bankruptcy involves preparing a profit and loss statement. While this subject isn’t terribly interesting or sexy, it’s critically important to preparing accurate information for your bankruptcy lawyer. What’s a Profit & Loss Statement? Relax! This isn’t algebra or calculus. This is...

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