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.
Filed under Bankruptcy budgets, Means Test issues by 
The United States Trustee has released revised median income figures for Georgia households. These new figures will apply to Chapter 7 and Chapter 13 cases filed after November 1. The revised figures continue the trend of lower household income amounts meaning that it will be more difficult to avoid a “presumption of abuse” in Chapter 7 filings. Presumably the new numbers reflect lower household income figures associated with the current recession.
More on Chapter 7 in Georgia Becomes More Difficult on November 1, 2010
Filed under Means Test issues, Median income test issues by
On June 7, 2010, the United States Supreme Court released its decision in the case of Hamilton, Chapter 13 Trustee v. Lanning. The Supreme Court rarely hears argument in consumer bankruptcy cases so the Lanning decision is big news to consumer bankruptcy lawyers.
More on Supreme Court Issues Important Ruling About Chapter 13
Filed under Chapter 13 issues, Means Test issues, Trustee objections in Chapter 13 by
For the first time since means testing was instituted in 2005, the median income number in Georgia have gone down. This means that potential Chapter 7 debtors will have a more difficult time avoiding a “presumption of abuse” and the extra cost and hassle of means test calculations.
Filed under Means Test issues, Median income test issues by
I am not going to promise you that you are going to be able to follow this, but the folks at Nolo have released a free on-line means test program. I find this calculator more complex than the means test calculator built in to BestCase – the petition preparation program that I use. The BestCase program draws data from other fields that you fill out anyway – like mortgages and car payments, whereas the Nolo program is a stand alone and requires manual data entry.
Filed under Means Test issues, Median income test issues by
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
I have written a lot on this blog about the median income test and the means test. Each of these pre-filing calculations turn on both your household income as well as your family size.
More on How Big is my Household for Chapter 7 or Chapter 13 Means Test Purposes?
Filed under Means Test issues, Median income test issues by
This morning, I received an email from a gentleman named Jim, who writes:
How can I file chapter 7 by myself without paying someone, anyone $ 99.00 $199.00, $299.00 etc… Three different people( with a financial intrest of course) said representation is required.
Here is my response: Jim, you certainly have the right to file a Chapter 7 case by yourself. The forms are available either on-line or at an office supply store. There are also several books about how to do this. I am currently reviewing a book entitled The Complete Chapter 7 Personal Bankruptcy Guide
More on Can I File a Chapter 7 By Myself, Without an Attorney
If you read this blog and other consumer bankruptcy blogs like Scott Riddle’s Georgia Bankruptcy blog or the Bankruptcy Law Network blog, you know that preparing for filing a case involves a great deal of effort on your part to collect information and documents. Are there any steps that you as the potential bankruptcy debtor can take to speed up the process and to keep costs down.
More on File Your Bankruptcy by the End of the Month or Start the Process Over
Filed under Means Test issues, Median income test issues, Pre-bankruptcy credit briefing by
Over the past few weeks, I have received several emails from potential clients that begin with lines like "my salary is over $100,000 and I need to file Chapter 7 to protect myself against lawsuits from credit card companies" or "together, my wife and I earn well over $100,000 but we need to file Chapter 7 because…."
Filed under Means Test issues, Median income test issues by
