The Means Test looks at your Median Income to determine for which Chapter of Bankruptcy you qualify: Chapter 7 or Chapter 13 As of tomorrow, May 1, 2013, the Median Income Levels are changing once again. They are back up in Kansas. This comes after the Median Income decrease we saw on November 1, 2012. [...]
What does a change in Median Income Levels mean to you? As of November 1, 2012 the Median Income Levels are back down in Kansas. This comes after the Median Income rise we saw in May 1, 2012. In Missouri, the Median Income change reflects a decrease except for larger families. Despite the decreases, these [...]
What does a rise in Median Income Levels mean to you? Starting May 1, 2012 the Median Income Levels went up in Kansas and Missouri. In addition the IRS National Standard Deductions changed. If you have been considering filing for Bankruptcy this means that you may be more likely to qualify for a Chapter 7 [...]
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The Judicial Conference of the United States Bankruptcy Court has announced an increase in bankruptcy filing fees effective November 1, 2011. The filing fees are paid directly to the court usually in full at the time a debtor’s case is filed. The filing fee for a chapter 7 bankruptcy case will increase from $299.00 to [...]
I enjoyed presenting yesterday at the National Business Institute's Chapter 7 and 13 Bankruptcy: Line-by-Line Workshop. We covered a lot of information about bankruptcy in a short number of hours. I really appreciated all of the questions and discussions posed by the Attendees! I spoke on Consumer Bankruptcy Fundamentals: The basics of Chapter 7, 11, [...]
The new bail out plan? State unfunded pensions, labor contracts, general obligation bonds – all unsecured debt? The former Speaker of the House is calling for a bill to support state bankruptcies. Should states be able to file bankruptcy? They cannot right now because they are considered sovereign. Proponents of the bill however say that [...]
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