Is income worksheet/calculator that determines based if you qualify for chapter 7 bankruptcy. The income limitations are based on your state median family income. The means test form calculates your annual income and puts you on a budget based on IRS collection standards. If your means test shows you have too much disposable income, you … Continue reading “What is a means test?”
IRS, 401ks and cash value of life insurance is exempt in Florida and cannot be taken by the trustee. If you are considering filing for bankruptcy, I suggest consulting with an experienced bankruptcy attorney.
Exempt means the asset is protected and will not be sold to pay your creditors. If you are considering filing for bankruptcy, I suggest consulting with an experienced bankruptcy attorney.
The choice of which bankruptcy to file is based on your financial problems. Everybody has different issues that will determine which type of bankruptcy is appropriate. If you have limited assets and income and lots of credit card debt then a chapter 7 may be appropriate. If you own a small business, then it is … Continue reading “How do you choose between 7 & 13?”
A chapter 13 Bankruptcy is a reorganization for individuals and marital couples. A chapter 13 can be used to stop a mortgage foreclosure and help you work out an affordable plan to save your home. A chapter 13 is also useful if you make too much money to qualify or too many assets to file … Continue reading “What is Chapter 13 Bankruptcy?”
A chapter 7 Bankruptcy is a way for individuals and families to wipe out or discharge their unsecured debts such as credit cards and medical bills. In exchange for wiping out the debts the court has the right to sell your non-exempt assets. However, most people who file chapter 7 have non-exempt property. If you … Continue reading “What is Chapter 7 Bankruptcy?”