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Yes, you can file with an income coming in, which chapter of bankruptcy you file depends on your income

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โˆ™ 2010-05-19 04:49:38
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Q: Can you file bankruptcy with income coming in?
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Can you file bankruptcy and unemployment at the same time?

Yes you can. You just need to report the unemployment income when you file your bankruptcy.

Do you still file your taxes if you file for bankruptcy?

Yes, bankruptcy does not change the legal requirement of the BK filer to file an income tax return.

Does income count AFTER you file chapter 7 bankruptcy?

A person's income does not count after filing chapter 7 bankruptcy. All that counts is what you had before filing bankruptcy.

What is the means test to file bankruptcy?

One of the first steps you must take when filing for bankruptcy is to complete a "means" test. You must submit the results of this means test to the Bankruptcy Court. The means test checks your income in order to determine your eligibility to file for bankruptcy. If your income is below the average for your state, then you can file for Chapter 7 bankruptcy without any problems. However, if your income is above the state average, the calculations for the means test become more complex. The means test looks at your disposable income (the amount left over after paying your expenses). If your disposable income is too high, the Bankruptcy court may decide that you can pay off at least some of your debts, and prevent you from filing for Chapter 7 bankruptcy. You are still able to file Chapter 13 bankruptcy, however.

How much income is too much for chapter 7?

Income has little to no determination on one's ability to file for bankruptcy. It's the debt to income ratio that most bankruptcy courts look for. Consult a bankruptcy attorney; there may be other options that will not impact your credit as harshly as bankruptcy.

Does a child's income have to be reported on the means test when the parents file bankruptcy?


How do you file chapter 7 together or separate if you are separated?

When you file a mutual bankruptcy, you and your partner file a single set of bankruptcy papers with the court. In your bankruptcy appeal, you release all property, debt, income, and expenses you have between both you and your partner.

Do you keep your car after you file bankruptcy?

It depends, usually after you file bankruptcy they take all your vehicles but one of them so that way you have one vehicle to get back and forth for emergencies. When you file bankruptcy and have a job, they usually limit the amount of money coming into your household too.

How long should a person wait after a chapter 13 bankruptcy is dismissed to file income taxes for that year to guarantee to receive the refund?

You have to file your income taxes yearly regardless of whether you have filed for bankruptcy or not. Yes, IRS may garnish your refunds to pay toward your debts. If your bankruptcy is over however, you don't have to worry about that.

Do have to work in order to file a chapter 13?

You must be generating a steady income to file chapter 13 bankruptcy, regardless of whether it is earned income. If you don't currently have income, chapter 7 most likely is the better way to file bankruptcy. There is an excellent book that gives you a substantial perspective on filing chapter 7 or chapter 13 bankruptcy: "The New Bankruptcy, will it work for You?", 3rd edition, by Stephen Elias (published in 2009 by Nolo) -- I found it in the Colorado Springs public library at 346.078 E42N (Dewey decimal system).

Can you file bankruptcy on IRS?

If its for income taxes that were due within the last 3 years- NO.

How much bad credit are you allowed to have to file bankruptcy?

It is more complicated than just having bad credit. When applying to file for bankruptcy, the court using a calculation that compares the amount of debt owed with your current (or foreseeable future) income. So it is the debt rather than the bad credit that allows you to file for bankruptcy. More specifically, your income will be calculated with exemptions such as rent and food to determine whether you can afford to pay 25 percent of your unsecured debt such as your credit card bills. Second, your income will be compared to your state's median (middle) income.

Can you file bankruptcy if you are current on your bills?

Yes, you can. If you are current, but struggling with credit card debt, medical debt, or other unsecured debt. If your income is less than the median family income for your state, you can probably file chapter 7. If over that amount, you may have to file a chapter 13. Consult an experienced bankruptcy lawyer in your area.

Can you file bankruptcy on a government farm loan?

You don't file bankruptcy "on" any loan. You file bankruptcy , listing all of your debts. Debts that are not dischargeable include child support arrears, student loans, federal income taxes filed or changed by the IRS within the three years prior to filing and certain judgments for damages due to fraud. State income taxes also cannot be discharged.If you obtain credit knowing you are bankrupt or intending to file bankruptcy, the creditor can object to the discharge of that loan.

If you receive Social Security can you file Bankruptcy?

AFAIK, Social Security has no impact on your ability to file bankruptcy. In fact, Social Security is excluded from the "means test", so unless you have substantial other income you should be able to file Chapter 7.

Can you file bankruptcy if you are not employed?

Yes- a chapter 7, but not chapter 13, as that requires a regular income.

You owe your sister money can you file bankruptcy on that loan?

If you file bankruptcy, you file bankruptcy on everything. You can not file bankruptcy on one loan.

If your income tax was garnished for a credit card if you file bankruptcy can you get the money back?

Once you file for bankruptcy, you will probably not get anything back. When you are through, it could all be over. Then they will stop getting anything else from you. You get a clean start.

Does an insolvent person always have to file bankruptcy?

No, if the debtor is judgment proof (i.e. there are no assets/income for the creditor to take) then there would be no need to file a BK.

I have no icome and all assets are in boyfriends name should I file bankruptcy because of credit card debt?

As long as you have not recently transferred assets to your bf to become insolvent, it would be a great time to file Chapter 7. If you are living with him, his income will count towards the means test, so if his income is above the annual median family income for your state, you may have to file a Chapter 13. Be sure to check with an experienced bankruptcy lawyer.

If you are trying to file bankruptcy and two accounts are paid off by cosigners can you still file bankruptcy on your remaining debts?

Yes. However due to the new bankruptcy reform the party involved may have to file whichever type of bankruptcy the trustee feels is applicable. The point of the reform is to prevent multiple BK filings. The premise is, if the debtor has even a small amount of nonexempt income it is to be used for repayment of debts.

What are the rules for filing chapter 13 bankruptcy?

In order to file for chapter 13 bankruptcy you need to submit proof that you have filed your state income tax returns four years prior to your bankruptcy. You must have a regular income and believe such debts can be repaid within a reasonable amount of time. Also counselling must be obtained before filing for bankruptcy.

What are accepted reasons for bankruptcy?

There is only one acceptable reason for c. 7 bankruptcy: inability to pay your debts when due. You have to show you do not have or expect your income to change, and you you do not have enough excess monthly income to allow you to file a c. 13 instead.

Can you file bankruptcy if you are self employed?

Of course. Filing for bankruptcy, put simply, is showing the court that your debts and financial obligations substantially exceed your income. The fact that you are self employed will not serve as a bar to your bankruptcy application but you will need to show detailed and accurate records of income and various expenses to establish the deficiency.

How much debt must you have to file for bankruptcy?

There is no minimum debt you must have to file for bankruptcy. However, if your debt is too low in relation to your income or assets, you will either have to repay the debt in full (if you file a Chapter 13 bankruptcy) or the case trustee may ask the court to dismiss your case for bad faith (if you file a Chapter 7 bankruptcy). For more information on the bankruptcy process, please click the link below. The above is provided for informational purposes only. It is not intended as legal advice, and does not create an attorney-client relationship.