Yesterday, the U.S. Supreme Court issued a creditor friendly decision in the case of Ransom v. Fia Card Services. At issues was the “ownership expense” deduction in the means test.
The means test is a calculation used to determine whether a debtor has enough “disposable income” to afford a Chapter 13 repayment plan.
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Most of the clients who I represent in Chapter 7 or Chapter 13 cases view bankruptcy as their absolute last resort. Usually, by the time they get to me, these clients have exhausted every other alternative – they have borrowed money from relatives and friends, sold possessions on eBay and cashed out or borrowed against retirement plans.
More on The Problem with 401(k) Loans and Consumer Bankruptcy
There are many reasons that bankruptcy filing rates are so high. Clearly an unexpected job loss or reduction in earnings can lead many honest, hardworking people into a bankruptcy lawyer’s office. When a job loss is coupled with a divorce, I think that the likelihood of bankruptcy by husband or wife goes up exponentially.
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Personal bankruptcy is made for “what if” scenarios. What if I file individually instead of jointly with my wife? What if I quit my job while I am in the middle of my Chapter 13? What if I need a replacement vehicle after I file?
More on How to Keep Your Costs Down and Get Good Bankruptcy Advice Quickly
It appears the Georgia Legislature is seeking to cap real estate tax re-assessment increases at 3% per year. According to the Atlanta Business Chronicle, Republican lawmakers pre-filed legislation to this effect with Georgia House of Representatives on Monday November 17, 2008. The measure, if approved would actually amend Georgia’s constitution. If the proposed constitutional amendment is approved by two-thirds of the legislature then it will be submitted to Georgia voters in the next general election held in an even year.
More on Georgia Legislature to Cap Real Estate Tax Assessment Increases?
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I am considering chapter 7. I am not sure about the median income info because I am no longer employed and working a temp job and used my retirement to live on. My question has to do with income tax refund check. I don’t think I will be getting a refund this year because of my retirement penalty, but if I did get one would I have give to the bankruptcy courts because I filed bankruptcy?
More on Will Your Income Tax Refund Count in a Means Test Calculation?
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Your decision about when to file your Chapter 7 or Chapter 13 bankruptcy case can have important and far reaching consequences with regard to the bankruptcy relief you obtain. Here are some considerations about which you should be aware:
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If you are married, can you file an individual Chapter 7 or Chapter 13 and not include your spouse?
Yes you can. However (and you knew there was going to be a "however") your non-filing spouse’s income and expense information, and possible his/her asset information may be relevant to your case.
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One of the trends I have noticed over the year and a half since the bankruptcy law changed is that we can no longer rely on guesses or estimates when it comes to creating a budget. My experience in a recently filed case illustrates this point.
More on Budgets in Bankruptcy Cases Must be Based on Real Numbers
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I am sitting here wondering two things…am I qualify to file bankruptcy and should I file bankruptcy.
I have unsecured debts…c/Cards and student loans avg. 50,000. I have a mortgage of 1.000 monthly. I AM ENROLLED IN CCCS AND IS PAYING ABOUT 900.00 monthly. I have high medical bills and child support payments avg. 600 monthly…after working many many hours of overtime my income last year was 54,000. I am single/seperated…what should I do and how should I do it….HELP.
–Jeff
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