In determining eligibility to file for a chapter 7 bankruptcy, the basic qualifying factor is income under the Means Test as set forth in 11 U.S.C. 707(b)(2). The debtor's income must fall below the Census Bureau's Median Income by Family Size. Thus, the Means Test is a two prong test:
The first prong being the size of the household; and the second prong being that of the debtor's gross income for the six months preceding the bankruptcy filing.
Debts generally not dis chargeable in Chapter 7 bankruptcy include: taxes, child or family support payments, student loans [absent undue hardship], traffic tickets, government fines, alcohol related accident judgments, judgment for willful or malicious conduct resulting in serious physical injury or death.
South Dakota Bankruptcy Lawyer, Christian Bankruptcy Attorney, Nevada Bankruptcy Lawyer,
Debtors are required to submit a copy of their recent tax transcripts to the Trustee prior to the meeting of creditors, 11. U.S.C. 341(a). A copy of the tax transcripts can be obtained by the debtor by calling the IRS 1-800-829-1040 and the debtor can even authorize the transcripts be faxed directly to counsel. The IRS attorney line for transcripts is 1-866-860-4259.
In California, their are certain exemptions that can be taken under California Code of Civil Procedure Sections 703, 704. Exemptions allow a person to keep certain assets after the bankruptcy. You must select only one set of exemptions. If spouses are filing jointly, they must select the same set of exemptions.
A qualified bankruptcy attorney will review your individual financial situation and determine whether you qualify for chapter 7 or need to file chapter 13 bankruptcy.
From Los Angeles Bankruptcy Law Monitor
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
Rating of Find Bankruptcy Attorney
Get Online Application at online Bankruptcy Lawyer.
0 comments:
Post a Comment