News Topic: Means Test

Eligibility for Chapter 7 bankruptcy depends upon family income. An employee’s income is usually clearly determined by his payroll statements during the six months prior to filing. A self-employed debtor’s compensation from his own business typically ... Read full article

... Read full article

The U.S. Supreme Court issued its 8-1 decision in Ransom today. Justice Kagan wrote for the majority and Justice Scalia wrote a dissenting opinion. It is reported that this is Justice Kagan's first opinion. ... Read full article

... Read full article

Your bankruptcy means test may be too high if you file your bankruptcy case in January 2012. ... Read full article

... Read full article

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 ... Read full article

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 ... Read full article

As reports surface that wealthy socialite Patricia Kluge has filed for Chapter 7 bankruptcy protection, many have wondered:  how can you file for bankruptcy when you are a billionaire? When United State bankruptcy laws were drafted, the focus was ... Read full article

When a debtor calculates a Chapter 7 means test analysis he is entitled to deduct from income transportation expenses associated with ownership of a car. All Florida debtors can deduct from income a general transportation expense which is approximately ... Read full article

In an 8-1 decision authored by Justice Kagan, the Supreme Court ruled today that an ownership expense is not "applicable" under the Means Test unless the Debtor has an actual payment. Ransom v. FIA Card Services , No. 09-907 (1/11/11). You can ... Read full article

The first case argued before the Supreme Court this term was No. 09-907, Ransom v. FIA Card Services, N.A . You can find the transcript of the oral argument here . This case raises the issue of whether Courts should give the means test a literal ... Read full article

The U.S. ... Read full article

The U.S. Supreme Court issued its 8-1 decision in Ransom today. Justice Kagan wrote for the majority and Justice Scalia wrote a dissenting opinion. It is reported that this is Justice Kagan's first opinion. ... Read full article