MEANS TEST
2014-09-25
THE MEANS TEST Evan Bornmann, Tucson Bankruptcy Lawyer: “The means test is one of the qualifiers for a Glendale chapter 7 bankruptcy, similar to a disposable monthly income calculation on chapter 15. And what we do is we take their last six months of income and we use that to get a monthly average, and then multiply that times 12 to get you an annualized income. When you look at your annualized income you compare it to what’s called the chapter 7 means, the median income for your household size. If your total annualized income that we calculate is below the median income, then you quality forRead More →
PROPERTY YOU CAN KEEP IN A CHAPTER 7
2014-09-25
What Property Can You Keep and What Do You Forfeit In A Chapter 7 Bankruptcy? A Chapter 7 bankruptcy does allow you to keep your house and your car. A Chapter 7 only wipes away unsecured debt, so automobiles and homes are secured debts. Therefore, a Chapter 7 won’t wipe away any of those loans that you have. However, you can sign a Reaffirmation Agreement to keep your car, which a Reaffirmation Agreement is essentially a new contract you make with your car finance company that will survive the bankruptcy. Therefore, cars and homes are not wiped away in a Chapter 7 and you canRead More →
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