Gifts and bankruptcy. Gifts you make and gifts you receive can both have significant consequences in a bankruptcy case. Learn why.
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Los Angeles Bankruptcy Blog: Current issues, comments, questions and answers in bankruptcy law.
Category Archives: means test
Means Test in Bankruptcy; Gifts vs. Loans
Explanation of whether gifts or loans must be included in the income analysis for the dreaded “means test” in bankruptcy
Means Test Median Income Figures Reduced Again
Median Income levels for bankruptcy means test being lowered for cases filed after October 31, 2010
Re-filing Chapter 7 Bankruptcy Case After Prior Dismissal
I was asked a question in a forum: If a chapter 7 bankruptcy case gets dismissed for “failing” the means test, under 707(b) of the bankruptcy code (11 U.S.C. 707(b)), is there any time limit on re-filing? The answer is, for most cases, “no.” There are penalties for filing subsequent bankruptcy cases within one…
Does Filing CH. 13 Bypass the Means Test?
Does filing Chapter 13 instead of Chapter 7 alleviate the requirement of the means test?
Means Test: 401k loan repayment not an Expense
Court rules 401k loan repayments cannot be used in budget on means test to determine eligibility to file bankruptcy.
Debt Consolidation or Bankruptcy: Which is Better?
One of the most frequent questions bankruptcy attorneys are asked by potential clients is whether they should file bankruptcy, or use a debt consolidation company to make payments towards their debts. For those lucky debtors who qualify for Chapter 7 (which requires no repayment of debts but allows in most cases for discharge of all…
Means Test for Bankruptcy
What is the means test in bankruptcy? What does it mean? How is it calculated?
Short Sales or Foreclosures: Which is Better?
There is an epidemic of people defaulting on their mortgage payments, as everyone knows. Real estate brokers are pushing hard to have people do “short sales” on their properties, instead of allowing them to go to foreclosure. In most circumstances, this is a very bad idea. What is a short sale? A short sale occurs…
Non-Filing Spouse’s Income Must Be Included in Bankruptcy
The fact that a non-filing spouse’s income must be included in the bankruptcy case of the other spouse is one of the most difficult concepts for my clients to grasp. The common scenario is this: Both Spouse’s Incomes Must Be “Included” One spouse has certain debts which are only in that spouse’s name and may…