Generally, the median income is used for the “Means Test” in determining whether you qualify to file under Chapter 7 or Chapter 13. To qualify for Chapter 7, the debtor’s income must typically be below the median income.
Generally, the median income is used for the “Means Test” in determining whether you qualify to file under Chapter 7 or Chapter 13. To qualify for Chapter 7, the debtor’s income must typically be below the median income.
Generally, the median income is used for the “Means Test” in determining whether you qualify to file under Chapter 7 or Chapter 13. To qualify for Chapter 7, the debtor’s income must typically be below the median income.
Generally, the median income is used for the “Means Test” in determining whether you qualify to file under Chapter 7 or Chapter 13. To qualify for Chapter 7, the debtor’s income must typically be below the median income.
Generally, the median income is used for the “Means Test” in determining whether you qualify to file under Chapter 7 or Chapter 13. To qualify for Chapter 7, the debtor’s income must typically be below the median income.
One of the primary goals of bankruptcy is obtaining a discharge of all of your dischargeable debts. We have already discussed when the discharge order should be issued (i.e., approximately 120 days from the day you file bankruptcy). A lot of people have asked us, “what do the bankruptcy discharge papers actually look like.” It seems a little underwhelming, but the discharge order is actually just a few sentences and reads:
Debts that you discharge through bankruptcy have no tax consequences. Specifically under current law, the amount discharged is not to be treated as income. See 26 U.S.C. § 108(a)(1)(A)
Taxes are the debts that are most frequently nondischargeable in bankruptcy cases. The dischargeability of taxes can be complicated. In a Chapter 7, you are able to discharge certain personal federal and/or state income taxes if you meet the following criteria:
Nevada is one of a few states which allows married couples to double the amount of their exemptions in bankruptcy. What this means is that married couples can keep twice as much property out of the hands of creditors.
Although it is very rare, it is possible to have your discharge revoked. In order to have your discharge revoked, a complaint must be filed against you within a relatively short time frame and allege the existence of one of the following sets of circumstances:
The “automatic stay” codified in section 362(a) of the Bankruptcy Code is a statutory injunction that occurs immediately upon filing of a bankruptcy petition.