Tag: bankruptcy means test
Learning About The End Of The Means Test For Chapter 7 Bankruptcy
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A New Approach to Bankruptcy Eligibility In the past, filing for Chapter 7 bankruptcy has been a function of whether or not a client passed a means test, which is a test of their income and financial commitments. This test was put in place to prevent people from taking advantage of the bankruptcy system, and…
A Guide To Filing Bankruptcy In Florida
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Dealing with financial challenges is a part of life. However, if you’re struggling financially, you should know that you aren’t alone. Filing bankruptcy because you’ve lost your job, suffered a catastrophic illness, or had another major life event shouldn’t be embarrassing. While it can be confusing and overwhelming, here are some of the basic things…
Can I File For Bankruptcy If I Lose My Job?
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Many individuals in Florida found themselves unemployed once the epidemic hit. About 13.5% of the entire nation’s workforce, which equals out to be approximately 22 million people, were forced to file for unemployment benefits once the Coronavirus took its toll, according to the United States Department of Labor. With new strains of the virus popping…
BANKRUPTCY MEANS TEST
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WHAT IS THE BANKRUPTCY MEANS TEST? The bankruptcy means test is a process to determine whether a debtor is eligible to file Chapter 7 bankruptcy, based upon his or her income. After the application of the means test, if one has significant disposable income remaining, the debtor may not be eligible to file Chapter 7…