In my previous posts I discussed some of the distinctions between Chapter 7 and Chapter 13 bankruptcy. The means test is an important element to both Chapter 7 and Chapter 13 bankruptcy (unless you are exempt from the means test). If you do not pass the means test, you will not qualify for a Chapter 7 bankruptcy....
In a previous post, I stated that many people who are considering bankruptcy are hoping to file a Chapter 7 bankruptcy. A Chapter 7 bankruptcy isn’t the best fit for all bankruptcy filers, though. In this post I will explain the basics of a Chapter 13 bankruptcy. There are similarities between Chapter 13 bankruptcy and...
If you or your spouse may file bankruptcy after you divorce, it is important to know how bankruptcy affects some common issues in divorces. Prior to 2005, a debtor who was able to show an inability to pay for property settlement debts was able to have those debts discharged in a bankruptcy. This is no...
If a divorcing couple decides that they need to file for bankruptcy, they have two more decisions to make: (1) Should they file before or after they divorce? (2) Should they file jointly? If the couple is filing for Chapter 7 bankruptcy and their debts are joint debts, it usually makes sense from a financial...