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Exemption of National Guard and Reservists from Bankruptcy Means Test is Extended
Less than a week before the National Guard and Reservists Debt Relief Act of 2008 was set to expire, the president signed into law a 4 year extension of the act. This law exempts qualifying Armed Forces reserve component and National Guard members (who, after September 11, 2001, are called to active duty or to [...]
New Means Test Income Limits Are a Mixed Bag
For individuals filing for bankruptcy, the news is good. For multiple member households, not so good. In order to file for a Chapter 7 bankruptcy, a debtor must have income over the past 6 months that is lower than the median family income for his state. If the debtor’s income is higher than that, the [...]
Bankruptcy Counseling For Those With Advanced Degrees Increasing
The percentage of debtors with advanced degrees obtaining pre-bankruptcy financial counseling has increased from 4.9% in 2006 to 6.7% in 2010. Also, those earning over $50,000 had the greatest increase compared to those at other income levels. This according to a study by the Institute for Financial Literacy and reported by the National Association of [...]
Bankruptcy Filing Fees to Increase on Nov. 1
Filing fees that are paid to the Bankruptcy Court at the time of filing a Bankruptcy Petition are going up by $7 for all chapters as of November 1, 2011. That means that the fee for a Chapter 7 case will go up from $299 to $306, and the filing fee for a Chapter 13 [...]
Can I Keep My Vehicle in Bankruptcy?
Can you file for bankruptcy and still keep your vehicle? Maybe. There are a few ways to go about this. One way is by “reaffirmation.” If you have a car loan, you can complete an official reaffirmation form, along with the creditor. The form provides the amount you owe and the terms of repayment. In [...]
