Learn to Understand a Bankruptcy Means Test

When filing for bankruptcy under the Chapter 7 or Chapter 13, the first and foremost step is to find out whether you are eligible for that particular Chapter. Means Test is designed to evaluate your income and compare it with your expenses and the total amount of debt you are currently unable to repay. MeansContinue reading

Must-do things before filing for bankruptcy

The decision to file for bankruptcy never arrives just out of the blue. Good and thorough preparation is everything in terms of chances for success in this process. Not only filing for bankruptcy takes times and your psychological resources, but also it requires you to spend money either for counseling or for the bankruptcy lawyer,Continue reading

Frequently Asked Questions about Bankruptcy

What is the difference between Chapter 7 and Chapter 13 bankruptcy? Chapter 7 bankruptcy is called a Liquidation bankruptcy and one can only file under it if his income is low enough (according to the Means Test). Chapter 7 bankruptcy writes off all debts instantly and at once, leaving the debtor “clean”. His bank cardsContinue reading

Filing for bankruptcy: avoid mistakes and get your petition approval!

Filing for bankruptcy is sometimes a long and stressful process, requiring your full attention and accuracy in everything: from filling the forms to calculating the income, expenses, and debts. Needless to say, but a single mistake may cost you a refusal from the U.S. court. As a result you will be banned from the possibilityContinue reading