The Means Test was part of the Bankruptcy Reform Act of 2005. Its purpose was to devise an income test to determine eligibility to file a Chapter 7 bankruptcy. The means test is a backward looking test which averages the Debtor’s income over th…
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Most people are astonished to discover that they can discharge certain tax liabilities in bankruptcy. The type of tax debts typically discharged in bankruptcy are income taxes and sales taxes. Payroll taxes or trust fund taxes are not dischargeable i…
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In preparing to file bankruptcy a client should be aware of how a bankruptcy case is reviewed by creditors and administered by the Trustee. The client should be advised of what assets are exempt and can be retained and what assets would be turned ove…
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Bankruptcy offers relief to homeowners who are financially strapped. Depending on your financial circumstances bankruptcy can provide assistance to stopping foreclosure, reducing payments, stripping off mortgage liens and reinstating delinquent mortg…
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Outline for client Chapter 13 Bankruptcy: The purpose of this outline is to advise the client on what to expect in the preparation and filing of a Chapter 13 case: The first step in filing the case is to pay the fee to the office and provide all of t…
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Outline for client Chapter 7 Bankruptcy: The purpose of the outline is to advise the client on what to expect in preparing and filing the case. The first step in filing the case is to pay the fee to the office and provide all of the information requi…
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Bankruptcy is often preferable to credit counseling and debt consolidation alternatives. Many people are afraid to file bankruptcy and choose to work with a credit counselor or debt consolidation company. For many of these people this is a huge mista…
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