In a chapter 7 bankruptcy will the court use my discretionary bonus made over 6 months previous?
My salary falls beneath the means test but the bonus puts it over. Will I qualify for Ch 7 if I wait the 6 months so my bonus is out of that range?
Posts Tagged ‘means test’
Chapter 7 Bankruptcy question?
Ok. So my significant other is over her head and doesn’t make enough to pay her debts. Her income is less than half the median income here. A sample means test shows she easily and completely qualifies.
My question is this. She is going to have a hard time coming up with the attorney fees associated with filing (around here it seems to be 800-1500 bucks). I am curious how hard is it to file by yourself or if there is an alternative like a Pro Bono attorney option or discounts for low income persons.
EDIT: Her debt amount is roughly 30k. That is with medical bills WITHOUT college loans. Her monthly income is about 1200 bucks. Her monthly bills are more than that. That does not include food or gas. I am not looking for a moral lecture. She is doing this. I am trying to help her through it. She has exhausted all other options.
I'm married, but most of the debt is in my name.?
Can I just file bankruptcy? My husband is an authorized user on one of my credit cards, he has never signed anything. Can I have his name removed from the account? Where can I find a means test online to see if I’m eligible for a Chapter 7? Any help would be awesome- thanks!
How does bankruptcy affect a judgment?
I’m filing chapter 7 bankruptcy and the BK attorney tells me that my questionnaire looks good, and I pass the means test so things should go fairly smooth. A collection firm is presently suing me for credit card debt and I expect they will have a judgment soon. I’ve been told that my bankruptcy will "take care" of the judgment. But what exactly does "take care of" mean in this case? Does the bankruptcy simply relieve a need to pay on the judgment? Or does it also erase the existence of the judgment from my credit record? If not then can I take some follow up action to erase it myself?
Texas bankruptcy- File or just let bills go? 8000 annual income 20k debt?
ok, My mother in law only makes 8100 a year. She earns this money from a death pension from when her husband died. She owns her home which is woth nothing, owns a car prolly worh about 1500. She owes about 20k in credit card debt. She uses it to buy food and medication because of her diabetes and is left with nothing every month. She spends about 400 a month on these three cards. So it’s just a viscious cycle of making the credit payments so she can buy her meds and food and pay her electricity.
To be honest, I don’t even know if it would be worth her filing bankruptcy or just stop paying the bills. I told her to stop paying them starting January, because she just can’t afford it.
I guess bottom line, can she stop paying her bills right now for a couple of months if we have to find an attorney to file or should she just stop paying them and dealing with the collection calls? I was gong to do a cease and desist letter to the three companies so they wont call or bother her. She just cana’t make it. She’s not going to sell her house, she’s 62 so a lien or judgement on house wouldnt matter, and she meets the means test.
Her three cards equal about 20k in debt. And they havne’ t been used for luxary items of course.
But is it true that they could not garnish her bank account or death benefit pension?
Please any information would be helpful. She cant make it and it’s hard for her.
Thanks in advance
**** Extra details. The Death annuity is a civil service retirement thing. He died when he was 35 and it that is the amount of what his ritirement would have been at 35. so that is what she gets and has for the last 35 years. She’s not a smart woman and doesn’t thnk of counseling hense why I’m asking you guys.
Reading FTC, it says retiremenet is not garnishable, and survivor annuity. But don’t know if it’s one or the other. Its just his retirement that he would have gotten at that age when he died.
So…..should she even file? Is it garnishable? She can’t take it out fo the bank…it comes from the US Treasurey.
If I make more than the median income in my area, how do I know if I will qualify for chapter 7 bankruptcy?
I am confused about how the means test works for a chapter 7 bankruptcy. I make more than the median income in my area, however my debts are pretty large. My last 6 month’s income was about 29K, but my fixed monthly debts are around 4K. That is before food, gas, and all the other random expenses. In the past, I was making well above and beyond my monthly liabilities…but that number has gone down significantly due to circumstances out of my control. I am looking to file chapter 7 bankruptcy and have not been able to find helpful answers online so far. I am out of money and not able to pay my bills. Any help would be much appreciated!!!
Bankruptcy??????? Attorney fees?
Do you have to go with the attorney that gives you a consultation on Bankruptcy? Weather it be that his fees are to high or after hearing what he has to say or taking the means test you don’t agree with what they say.. Do you still have to go through with it? What’s a nice way to say thanks but no thanks?
Bankruptcy? Do I need Attorney?
I had taken the Means test and passed. I also got all my Bankruptcy Ch. 7 documens done through an online site and its all completed. I also attended the 1st counseling class. I am ready to go to court to pay my file fee and start the procedure. Do I need an Attorney or can I go ahead and file on my own?
If you pass the means test does it automatically mean you can file for chapter 7 bankruptcy?
I found a means test online and I took it, I did it two ways, with our income at the moment and our income in the last 6 months. Depending on how I did it, we either had a negative amount of money as disposable income (last six months) or we had a very low amount of disposable income (8) future 6 months. It said I passed the means test both times, of course I’m not positive if I did it right but I just went with what they had as deductions. If you are below the Median for your state and you pass the means test, will you automatically qualify for chapter 7? We have no assets except for a car we are still paying on. I do have an appointment with an attorney, I would just like to know what to expect.
And I know bankruptcy is looked down on, but we are desperate for some relief, we have had some bad luck and paying for everything we owe is just no longer an option. Only about a 1/5 of it is credit card debt.
When filing Chaper 7 Bankruptcy do I have to claim my wife's tuition reimbursement?
I’m married but filing for Chapter 7 myself, not joint. My wife will be getting tuition reimbursement in a paycheck coming up. Can this income be deducted in the Means Test? Should we change her direct deposit so that it gets deposited into her personal checking account without my name on it? I don’t want this income to count against me as it will be used for her class tuition. Any help on this would be appreciated.
Chapter 7 bankruptcy in California and exempt property?
I live in California and because of a divorce that went horribly wrong, I am considering Chapter 7 bankruptcy. But what is considered exempt for personal property? Are they going to come in and take all my furniture? Make me sell my car (which I own) and buy a cheaper one? How about retirement accounts (401K, IRA)? Has anyone gone through this in California?
Thanks!
To clarify, it was the debt accrued from the divorce and the resulting judgment that has created the need to file for Chapter 7. I have taken the Means Test and qualify easily.
Is bankruptcy moral when one has lost their job and can not pay all their debts?
If you must choose which debts to pay first wouldn’t it be the rent, utilities and food? Credit card debt would come last or not at all. I have been told by a bankruptcy attorney that I can file against credit cards because I meet the means test for my state.
Should I file chapter 7 or chapter 13 bankruptcy?
I make ,000/year and have ,000 in debt (credit cards, loans). According to the ch. 7 means test, I have 5/mo. of disposable income to pay to my creditors (my current payments are ,450/mo.). I’m not behind on any payments, but I have been struggling for months now to stay afloat and often have to rob Peter to pay Paul, using the credit cards that I have been trying to pay down to pay other bills or groceries. I’m hesitant to file a ch. 13 right now because I’m 5 months pregnant and my financial situation will change drastically in 4 months. I clearly pass the means test when I add in a dependent, showing a -0 of disposable income/mo. Before I found out I was pregnant (which was unplanned), I was planning to take on a second job and freelance assignments (I’m an Editor) to help me get ahead. But that’s not going to happen now, obviously. Should I file a ch.13 now and convert to a 7 after my baby is born, or should I just wait until my baby is born and file a 7?
Additionally, I’m not married, but I will have some financial support from the baby’s father. And please, no one answer with judgmental advice–I’m a responsible person who fell on some hard times a few years ago when I was working solely as a freelancer, was disabled for a couple of months due to an injury, and had a death in the family. This is a LAST resort, but after stressing and being depressed about this for months now, I have to do what I can to make sure I can provide for my child. I would rather work 2 full-time jobs (I have done this in the past) than file for bankruptcy, but this isn’t realistic when I’m going to be the primary caregiver for my child. Thank you.
Thanks for your response. I have had credit counseling and a phone consultation with an attorney who figured that I currently qualified for a 13, but he did not take into consideration me having an additional dependent in 4 months and having to then pay ,000/month for childcare soon after my child’s birth. From what I have read on the U.S. Trustee’s site, a person can convert from a 13 to a 7 if circumstances change that makes it impossible for them to stick with the agreed upon payment plan. My issue is it doesn’t seem to make sense to begin a 13 now, maybe get into one or two payments, then have to back out of it so soon because my financial situation changes. And then I would have to pay even more money to convert the filing. I hope this makes sense. Thanks.
In a chapter 7 bankruptcy, is a property that I own free and clear with a partner considered exempt?
I am considering filing for chapter 7 bankruptcy. I qualify based on the means test, but I purchased an investment property with a business partner 2 years ago. there is no mortgage on the property and it’s only worth about 40k. How would a trustee normally handle this property since there is another owner who is not filing for bk and is not my spouse? does that make that property exempt?
Is it hard to pass the Means Test for Chapter 7 Bankruptcy?
I make more than the median income for my state. How difficult is it to pass the means test to be eligible to file for Chapter 7 Bankruptcy?