Bankruptcy Means Test

Giving up Property in a Bankruptcy and Ethical Dilemmas for Lawyers

12/13/11

Believe it or not, the vast majority of bankruptcy lawyers, I would say 95% or higher, take their ethical obligations very seriously. We value the oath that we took when we received our license and honor it daily by dispensing advice in the best interests of our clients. Like doctors advising lifestyle modifications or prescribing [...]

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Qualifying For Chapter 7

10/19/11

Many of my Fort Worth bankruptcy clients ask about the differences between Chapter 7 and Chapter 13 bankruptcy. I find it important to educate all my clients about the qualification standards for both, as their financial standing has the most influence over their chances of successfully obtaining a Chapter 7 discharge over a Chapter 13 [...]

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What is My “Current Monthly Income” and How Does it Affect My Filing of Bankruptcy?

07/27/11

Your Current Monthly Income Affects Eligibility for Chapter 7 Bankruptcy The term “current monthly income” (CMI) is an important concept in bankruptcy that courts use in several “bankruptcy tests”. For example, your “current monthly income” is important because it can effect whether you are eligible to file in a Chapter 7 bankruptcy, and in a [...]

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Can I get rid of Criminal Fines and Traffic Tickets in Bankruptcy?

07/18/11

Millions of tickets are dolled out every year, not to mention government penalties and fines.  Government tickets and fines are one of the most common forms of debt.  Can these be discharged through a bankruptcy filing?  In Chapter 7 bankruptcy, section 523(a)(7) of the Bankruptcy Code specifically states that fines and penalties owed to or [...]

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Chapter 7 Bankruptcy: Do You Qualify? How is Eligibility Determined?

07/14/11

Qualifying for Chapter 7 Bankruptcy: The Story of Toni Braxton In October 2010, six-time Grammy Award winner Toni Braxton filed for bankruptcy a second time. In her Chapter 7 bankruptcy petition, Braxton claimed debts of between $10 million and $50 million, which grew even worse when a heart condition – diagnosed as microvascular angina – [...]

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How the Bankruptcy Means Test Works

07/12/11

How the Bankruptcy Means Test Works More and more consumers these days are becoming familiar with the bankruptcy Means Test and they are calling bankruptcy attorneys asking if they pass the Means Test. The Means Test is a test that you have to pass in order to qualify to file Chapter 7 bankruptcy. Actually, the [...]

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