Bankruptcy Calculator | Consumer v. Non-consumer Debts Bankruptcy Calculator . It's not always easy to determine if a debt is consumer or non-consumer for purposes of the Chapter 7 means test (bankruptcy calculator). If you classify most of your debts as business debts, the bankruptcy trustee and court will review these debts carefully. Why the [...]
Bankruptcy Calculator | What is Bankruptcy? Bankruptcy Calculator . This article will explain the basics of both Chapter 7 and Chapter 13 bankruptcy Bankruptcy is a generalized term for a federal court procedure that helps consumers and businesses get rid of their debts and repay their creditors. If you can prove that you are entitled to [...]
Bankruptcy Calculator | How The Means Test Works Bankruptcy Calculator . The bankruptcy means test is an objective standard of weighing whether a debtor qualifies for bankruptcy under Chapter 7. Old bankruptcy law often made it relatively easy for filers to meet the criteria since bankruptcy courts used considerable discretion in determining eligibility. However, Congress passed [...]
Bankruptcy Calculator | Business Debt Exception Bankruptcy Calculator . If you have primarily business debts, you don't have to pass the means test in order to qualify for Chapter 7 bankruptcy. The means test (bankruptcy calculator) determines whether your income is low enough to qualify for Chapter 7 bankruptcy. However, if most of your debts are [...]
Bankruptcy Calculator | Common Mistakes Made on Means Test Bankruptcy Calculator . The means test is often the starting point for anyone who is filing for bankruptcy. It determines if you are eligible for Chapter 7 bankruptcy, and impacts your plan length in Chapter 13 bankruptcy. The means test is a complicated form, and mistakes [...]
Bankruptcy Calculator | Should Elderly File? Bankruptcy Calculator . Decreasing pensions and rising health care costs are causing more and more elderly Americans to seek bankruptcy relief. Senior citizens enjoy certain advantages over other debtors when filing for bankruptcy. But for seniors that own a lot of nonexempt property, bankruptcy may not be the right choice. [...]
Bankruptcy Calculator | What is the Marital Adjustment Deduction? Bankruptcy Calculator . What happens if you are filing for bankruptcy and your spouse is not? Accurate calculation of your means test (bankruptcy calcultor) may require you to leverage the marital deduction option. By using the marital deduction you can accurately separate expenses unrelated to your [...]
Bankruptcy Calculator | The Bankruptcy Means Test Bankruptcy Calculator . The bankruptcy calculator "means test" determines whether your income is low enough for you to file Chapter 7 bankruptcy. It's a formula designed to keep filers with higher incomes from filing for Chapter 7 bankruptcy. High-income filers who fail the means test may use Chapter [...]