Bankruptcy and the Means Test

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The Means Test is a very important part of the bankruptcy petition. It determines whether you qualify for Chapter 7. It takes into account your income, household size, and regular monthly expenses that you make. The Means Test looks at all income in the last 6 months. This includes: All…

Divorce and Bankruptcy

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Many times, people are unclear about when to file for bankruptcy when they are thinking about divorcing each other. If you have joint debt together, it would be more efficient to file bankruptcy together and get rid of your debts and then proceed with your dissolution. It’s cheaper to file…

Chapter 7 Bankruptcy vs Chapter 13 Bankruptcy

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Chapter 7 Bankruptcy Chapter 7 Bankruptcy allows qualifying debtors to eliminate most kinds of unsecured debt. Unsecured debt includes credit cards, medical bills, most personal loans, old tax debt, some judgements, and deficiencies on repossessed vehicles. Chapter 13 Brankruptcy Chapter 13 is a very low interest debt repayment through which…


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A common myth is that taxes are not dischargeable in a bankruptcy. Taxes can be dischargeable in a Chapter 7 bankruptcy. It can be categorized in the same bucket as all your other unsecured debts. Here are some basic rules to know: 3-YEAR RULE The first is the 3-Year Rule. This…
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Bankruptcy Exemptions

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Bankruptcy Exemptions When filing for Chapter 7 Bankruptcy, you are allowed certain bankruptcy exemptions. They are referred to as 703 and 704 exemptions. These are also protections of your income and assets. The exemptions allow you to keep some or all your assets, California allows for many exemptions of your property, retirement accounts and…