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One factor in considering whether the U.S. Trustee can prevail in a challenge to the debtor's Chapter 7 filing is whether the debtor can otherwise afford to repay some or all of his debts out of disposable income in the five year time frame provided by Chapter 13. If so, then the U.S. Trustee may succeed in preventing the debtor from receiving ...
However, to file for Chapter 7 bankruptcy, you’ll need to pass the Chapter 7 means test. This test looks at the last six months of your disposable income to determine if you can afford to pay ...
If the results of the means test show no disposable income (or in some cases a very small amount) then the individual qualifies for Chapter 7 relief. An individual who fails the means test will have their Chapter 7 case dismissed, or may have to convert the case to a Chapter 13 bankruptcy.
An analysis of the debtor's income (A) and expenditure (B). From this, the debtor's disposable income is calculated (A)−(B) and this will become the amount that will be paid into the IVA periodically (usually monthly). The period is usually five years, but can be any length.
As long as their military pay is taxable on a federal income tax return, ... leaving them with more disposable income. ... The Container Store files for Chapter 11 bankruptcy. Finance. Reuters.
At the same time, his real estate investment firm filed for Chapter 7 bankruptcy. [110] The bankruptcy was caused by unsuccessful investments. [113] [112] Andy Gibb: English singer Chapter 7 [114] 1987 [114] [115] Assets of less than $50,000 [114] against debt of more than $1,000,000. [114] He died six months later due to a viral infection ...