The means test plays a crucial role in determining eligibility for different kinds of bankruptcy chapters. Understanding the details of the Utah bankruptcy means test is essential for those considering bankruptcy.
Tag: means test
Bankruptcy Unmarried Head of Household
If you are not married but consider yourself the the head of a household how does that work in bankruptcy? As you may know in bankruptcy you must report your household income and household size. It can become complicated. The United States Bankruptcy Trustee typically uses the definition of the IRS to determine household status.
Recent Utah Median Income Number For Bankruptcy
As of November 1, 2018, the Census Bureau Utah Median Income by Family Size have been updated — this happens every 6 months. The Median Income Levels for Utah are up. This is important because the Utah median income number is a determining factor in the type of bankruptcy someone can file. If your income… Continue reading Recent Utah Median Income Number For Bankruptcy
Which bankruptcy is worse
There really isn’t a bankruptcy that is “worse” it all depends completely on your financial situation, your goals and needs. A Chapter 7 Bankruptcy commonly called a liquidation. Chapter 7 allows individuals to give up certain nonexempt assets and walk away from most of the individuals debts. To qualify, debtors must pass the means test… Continue reading Which bankruptcy is worse
What bankruptcy do I qualify for
What bankruptcy do I qualify for was the question I was asked this morning as I entered an elevator this morning. It seems like a simple enough question that any attorney could easily answer in a moment or two. The problem is that determining who can file for bankruptcy is one of the more complicated… Continue reading What bankruptcy do I qualify for
What bankruptcy can I file
In order to determine what bankruptcy can i file for or if you are eligible for bankruptcy, you must take the means test. in 2005 Congress made major changes to the bankruptcy laws via changes to the U.S. Bankruptcy Code. One of the new changes was something called the “Means Test”. The means test will… Continue reading What bankruptcy can I file
If I'm married do I have to file bankruptcy with my spouse?
No, the United States Bankruptcy code does not require married couples to file together. However, in most of the cases I see, both spouses usually choose to file together. But there are exceptions, such as recent newlyweds, sometimes only one spouse files thereby preserving the credit standing of the other, non-filing spouse. You do need to… Continue reading If I'm married do I have to file bankruptcy with my spouse?