The Bankruptcy Means Test operates in two ways:It will determine if you qualify for Chapter 7 Bankruptcy; and/orIf you do not qualify for Chapter 7 Bankruptcy, the means test establishes what you are required to pay your creditors in a Chapter 13 Bankruptcy.What is...
Upon filing a Chapter 13 Bankruptcy petition with the U.S. Federal Court, your case will be assigned by the Court to a specific Trustee that will oversee, and administer your case. Once a Trustee is assigned to your case, a Creditor Meeting under Section 341 of the...
If you owe money for back taxes, the IRS or State Revenue Department can garnish your wages or your bank account. Filing a bankruptcy will stop a tax garnishment. This is what is known as the automatic stay, which requires all creditors (including the taxing...
It is important to understand the difference between a Debt Consolidation/Counseling Program and Chapter 13 Bankruptcy There are many advantages to filing a Chapter 13 Bankruptcy. The number one reason is the simple fact that a Chapter 13 Bankruptcy plan has the power...
Many people who file for bankruptcy already have a low credit score and/or are unable to obtain credit cards or a mortgage. With unpaid bills piling up and possible lawsuits from creditors, a person’s credit score continues to go down as time goes on. After filing...
As a debtor filing for bankruptcy, you are entitled by law to a court-ordered rule of protection known as the automatic stay. This applies in a Chapter 7 and in a Chapter 13 filing. There are several creditor activities that the automatic stay protects and/or...
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