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What else can I help you with?
Does income count AFTER you file chapter 7?
A person's income does not count after filing chapter 7 bankruptcy. All that counts is what you had before filing bankruptcy.
What are the main reasons for filing bankruptcy?
The main reasons for filing bankruptcy are overwhelming debt, loss of income, medical expenses, and inability to pay bills.
Does workers comp income count as income towards the means test when filing bankruptcy?
Yes.
What if your income increases after filing a chapter 13 bankruptcy?
Chapter 13 is more of a repayment plan than a debt wipeout. Because of that, if there is a change in your financial circumstances after filing for bankruptcy then the court needs to be aware of it.
Can you get a second mortgage after filing bankruptcy?
Yes, as long as the bankruptcy has been discharged, your credit score is 580+, and you earn enough income to support the additional loan.
Can should your spouse get a job after filing bankruptcy chapter 7 but before the meeting of creditors?
You can switch jobs at any time during bankruptcy. The tax returns for the previous year are usually used when figuring income in bankruptcy. It is doubtful the new income would be a factor.
What will happen to your direct deposit while filing bankruptcy?
Direct deposit of any monies while filing for Chapter 7 bankruptcy are safe. However, under Chapter 13 bankruptcy, an automatic payment may be required to the trustee from a direct deposit of wages and other sources of income.
Is there a period of time after filing for bankruptcy you should wait for income that isn't affected?
In a chapter 7, no post petition income constitutes property of the bankruptcy estate. So to answer, no. In a chapter 13 or 11, all post petition income constitutes property of the estate.
You just filed for bankruptcy and also got your 2008 refund will that be added to income in2009?
I filed my Federal taxes for 2008 and just received a refund and I am in the process of filing bankruptcy this month will that refund be added as income to the bottom line?
Gambling winning after filing bankruptcy?
What's your specific question? Gambling winnings are considered income, just like any other income. Strictly speaking, it doesn't really affect the bankruptcy, but your question needs to be a little more detailed.
What part of ones credit matters when filing bankruptcy?
The average annual income rate of the person's business or household income determines a portion of bankruptcy reports. The other portions determine the person's tax rates, mortgage, and average spendings.
What are th steps to filing chapter 11?
In a Chapter 7 bankruptcy, the income of the person filing will be subject to a two-part test. First, 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. You won't be allowed to file for Chapter 7 if your income is above your state's median income and you can afford to pay 25 percent of your unsecured debt. Even if your income is below the state's median income and you can pay 25 percent of your unsecured debt, the court may still deny your Chapter 7 filing. There will be very few exceptions to this test, no matter how sympathetic your case is. If you pass the tests then the actual process of filing for bankruptcy will involve filing a two-page bankruptcy petition in which you identify your assets/property/debts etc. You will also meet with a trustee of the bankruptcy court who will go through your papers and conduct a creditors meeting. The process will take about 4-6 months.
