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Tag : chapter 7 bankruptcy

How To Go Bankrupt Without Going Broke

Chapter 7

Don’t let another Holiday pass you by while you struggle with overwhelming debt.  It is possible to protect against harassing creditors, while keeping your home, cars, retirement and dignity.  A consumer bankruptcy attorney should be consulted to determine a strategy that will provide the result you need with your financial goals in mind.  A great […]

Chapter 7 Bankruptcy Eligibility; Do You Qualify?

Chapter 7

A Chapter 7 bankruptcy is known as a “liquidation bankruptcy” case where the person filing for bankruptcy protection has no money to repay their debt.  This type of bankruptcy case has certain eligibility requirements. THE MEANS TEST To be eligible, a debtor (person filing for bankruptcy protection) must pass the Means Test.  This means that […]

New Median Income Figures Effective May 1, 2012

Chapter 7

California Median Household Income Tables Effective May 1, 2012 No. of People in Household Gross Monthly Income Annual Gross Income 1 $4099 $49,188 2 $5290 $63,481 3 $5677 $68135 4 $6430         $77,167 5 $7055 $84,667 6 $7680 $92,167 7 $8305 $99,667 8 $8930 $107,167 9 and above Add $625 per person Add $7500 per person […]

Ransom’s Key Means Test Case to be Decided By Supreme Court

Chapter 13

 In Chapter 7 Basics, I wrote briefly about the means test that was created in 2005 under BAPCPA where MBNA Bank, N.A. worked hard to make it more difficult for consumer debtors to qualify to file bankruptcy under Chapter 7 and created more disposable income to pay creditors under Chapter 13. It’s interesting to note […]