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.
You are not prevented from moving as a result of filing bankruptcy. Filing bankruptcy is not a crime.
What do you mean? Filing bankruptcy is basically the same no matter what the reason for the filing.
"It is possible to refinance after filing for bankruptcy. However, there must be a certain interval of time between refinancing and filing for bankruptcy that varies depending on the country you are filing in."
There is not a set figure that bankruptcy courts are looking for when reviewing bankruptcy applications. Rather, they employ what is known as a "means test" in which is the first step in the application process. This is a complicated calculation that determines your ability to pay your creditors. It also compares your financial status to the average person in your area. If you pass this means test, you are allowed to file a Chapter 7 claim in Bankruptcy court - otherwise, you can only file a Chapter 13 bankruptcy claim.
If your partner files for bankruptcy and you don't then the bankruptcy will not appear on your credit report. But you will be partly responsible for before bankruptcy filing. Generally filing bankruptcy will affect the credit rating of the individual who filed it.
If you are filing for personal bankruptcy it is not necessary to have a lawyer. If you are filing for business bankruptcy, you must retain a lawyer on your behalf.
Filing bankruptcy has no affiliation with religion. If filing bankruptcy is he best financial options available, then you should do it.
The first step in filing for bankruptcy will involve a "means test" conducted by the court to determine your ability to pay your creditors and also looks at your financial status as compared to the average person in your area. The next step before being allowed to file is credit counseling. Upon filing for bankruptcy (provided that the 2 steps just mentioned are met) you must submit paperwork showing your income, debt, etc.
Bankruptcy will not stop a garnishment. You cannot set aside civil judgments by filing bankruptcy.
I filed chap 13 Aug of 08 and they did include my VA disability as income.
No - having had a car that was re-possessed will not affect the filing of a Bankruptcy.
A person's income does not count after filing chapter 7 bankruptcy. All that counts is what you had before filing bankruptcy.
Filing for bankruptcy is a lot more complicated and time consuming that may initially meet the eye. My first suggestion would be to have a lawyer help you with the process. Successfully completing a bankruptcy proceeding can be a difficult process. However, there is a good deal of work you must do before you can file for bankruptcy. First, you are required to complete a "means test." This is a complicated calculation that determines your ability to pay your creditors. It also compares your financial status to the average person in your area. If you pass this means test, you are allowed to file a Chapter 7 claim in Bankruptcy court - otherwise, you can only file a Chapter 13 bankruptcy claim. The next step involves undergoing credit counseling. Bankruptcy law requires that you complete this counseling before going through the bankruptcy process. Finally, you can file for bankruptcy. In addition to filing, you must submit a bundle of paperwork with the Bankruptcy court. This paperwork includes information about your income, debts, assets, and personal information.
In a Chapter 7 bankruptcy, a person filing for relief is called a
Why not? Filing for bankruptcy is not a crime.
No. Bankruptcy is a civil act.
Nope. Monrovia has not filed for bankruptcy
no you do not have to file.
If you wreck your car after filing for Chapter 13 bankruptcy you can file it on your insurance. You can then replace your car based on the bankruptcy order.
A chapter 13 lawyer is good at filing for bankruptcy for their client. A bankruptcy lawyer can help you find the best financial path after filing for bankruptcy.
Bankruptcy Means Test and Household Size With a Pending Divorce .