debts in bankruptcy
Means Test for Bankruptcy
Saturday, October 11th, 2008The means test is a budget analysis created by Congress purportedly to determine whether one is ineligible to file for bankruptcy relief under Chapter 7, Chapter 11 or Chapter 13. I say “ineligible” as opposed to “eligible” because in most court districts, “passing” the means test is not conclusive on the issue of eligibility—meaning, that [...]
How much debt do you need to go bankrupt?
Tuesday, July 8th, 2008A question I have been repeatedly asked over the years from my potential bankruptcy clients is: How much debt do they need before they can declare bankruptcy? I have found that this question has different intent and meaning to different people. For example, some people think that there actually is a minimum amount of debt [...]
Discharging consolidated debts in bankruptcy
Sunday, July 6th, 2008Another frequent question I get from potential clients is whether debts that they are making payments on as part of a “debt consolidation” program are dischargeable in a bankruptcy case. In fact, I’ve had numerous people think that those aren’t even debts anymore, once they are in a repayment program, or that magically the 15 [...]
Can You Only Bankrupt Certain Debts and Keep Others?
Wednesday, July 2nd, 2008Whether you can discharge (bankrupt) specific debts and keep others is a question that over the years I get asked repeatedly. Actually, strangely enough, clients don’t ask it as a question. They state it as if it were completely possible. “I want to get rid of my large debts and keep the small ones”. After [...]