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Thursday, July 17, 2008
I already filed chapter 7 bankruptcy, can I file again?
It depends on when you filed. You may file for chapter 7 bankruptcy every eight years. This time frame is measured
from your last date of filing. Therefore, if you filed on June 1, 2001, you will not be able to file again until June
2, 2009.
What is your "means test" in the bankruptcy?
Under the new Bankruptcy reform and consumer protection act of 2005, a means test must be passed in order to qualify for a
chapter 7 bankruptcy. The means test is comprised of your monthly income, which must be below the median income for
the state. Your income is determined by calculating the average of your income for the six months directly prior to
filing bankruptcy. This means that even if you are unemployed at the time of filing, if you had any work the six months
prior to filing then your means test will reflect that amount. It will not be zero.
Your income will include
regular income from all sources besides social security. If your means test places you above the states median, then
a chapter 13 repayment plan will be required.
12:39 am edt
Monday, July 14, 2008
What is the difference between filing Chapter 7 and 13?
Chapter 7 bankruptcy is a total wipeout, where any dischargeable debt is taken off of your record. Chapter thirteen
requires you to make monthly payments to a trustee for a period of 3-5 years. Each chapter 13 plan is unique
since there are many reasons why a chapter 13 may need to be filed over a chapter 7.
10:02 pm edt
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