Obama's Economy

Question for bankruptcy lawyers…. If a person wants to file for?

bankruptcy and their income has been reduced due to job loss and a persons income falls somewhere above the means but in 2 months you will be below the means to file a chptr 7 because of job loss then does a person have to wait until they are under the means for a 7 or can they file for a 7 now even tho the income is above the guidelines?

Did you calculate this solely on whether you make above the median income? I ask because you might still qualify under the means test even if you make above the median for your household size in your locale. Consult a local attorney and they can give you a good idea. Other factors looked at are the IRS allowances for food, car, and actual secured debts, tax payments. Did you look at all these factors when figuring out whether you’re “below the means”? The form is available on your local bankruptcy court website, or you could download it from www.ilnb.uscourts.gov (substitute the iln for your state and district and you should get your local court).

I don’t think there’s too many lawyers that would “set up” their clients to do chapter 13 as most lawyers don’t even do chapter 13 bakruptcies because of the failure rate. I personally warn people as to how hard chapter 13 is because they need to know what they are getting into for the next 3-5 years.

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