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Archives for January 2016

Why Every Day Can Make a Difference in Passing the “Means Test”

The Point of the Means Test This test is intended to determine if you have the "means" to pay a meaningful amount to your creditors over a reasonable time period. You have to pass the means test before you are allowed to go through a Chapter 7 "straight bankruptcy," which generally lasts less than four months, or instead are forced to do a Chapter 13 "adjustment of debts," which generally lasts three to five years. Focus First on "Income" At the heart of the means test is a review of your … [Read more...]

What Happens to Retirement Benefits in Bankruptcy

Protecting Your Retirement in Bankruptcy Most forms of retirement are protected when you file under any Chapter of bankruptcy. There are a few exceptions to this, so make sure that whatever kind of retirement you have is protected from your creditors. If in fact all of your retirement funds are protected, that means that if you file a Chapter 7 "straight bankruptcy" case the Chapter 7 trustee will have no right to take any of it to pay your creditors. And if you file a Chapter 13 … [Read more...]

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