The new pandemic relief law includes some helpful changes to bankruptcy law, including some protection of the $600 economic impact payments.
The massive $2.2 trillion coronavirus relief law also includes some legal relief for both Chapter 7 and Chapter 13 consumer debtors.
Do you need a Chapter 13 case? WHEN you file it can mean the difference between a payment plan that takes 3 years and one that takes 5.
Filing bankruptcy before the end of December may help you qualify for Chapter 7 bankruptcy. Here's an example showing how this could work.
The timing of your bankruptcy filing can determine whether you qualify for quick Chapter 7 vs. paying into a Chapter 13 plan for 3-5 years.
The timing of your Chapter 7 filing--a difference of even just a day or two--can affect whether you qualify for it based on your income.
Most people easily pass the means test based on their relatively low income. Timing plays a huge role in calculating your income.
With smart timing you can take advantage of the unusual way that your "income" is calculated for the Chapter 7 means test.
Determining your correct "applicable state" can make the difference between passing and failing the means test.
We show by example how the means test works, when a person qualifies for a Chapter 7 case simply by income.
You can have more income for the purpose of passing the means test as your household size increases. But what IS your household's size?
There are two military-related exemptions from the Chapter 7 means test. They are narrow but if you qualify it can be a major advantage.
You only have to pass the means test if you have "primarily consumer debts." If you have more business debts, skip the means test.
You have to pass the means test to qualify for a Chapter 7 case. It's often an easy test to pass but one with some crucial twists and turns.
You hear in bankruptcy about the "trustee," and maybe about the "U.S. Trustee." They're clearly easy to confuse. Who's the U.S. Trustee?