Tag Archives: means test
Why an Individual Debtor Might Benefit From Chapter 11
Financially distressed companies are able to utilize Chapter 11 to restructure debt and reorganize operations with the goal of regaining solvency. Although it is not commonplace, individuals can also file for bankruptcy under Chapter 11, and sometimes this is the best option. Chapter 7 and Chapter 13 are the most popular bankruptcy options for individuals […]
How Does Filing for Divorce Affect Your Bankruptcy?
Bankruptcy and divorce unfortunately sometimes go hand in hand. Severe financial pressure in a marriage is one of the leading causes of divorce, and the breakdown of a marriage can have ruinous financial effects. Depending on your finances and the state of your relationship, bankruptcy and divorce proceedings can each significantly impact their respective outcomes. […]
Using the Business-Debt Exception to the Bankruptcy Means Test
Debtors who are considering filing for bankruptcy protection under Chapter 7 must meet the means test, which is designed to make this remedy unavailable to people with sufficient incomes to pay off all or a portion of their debts. If the debtor’s income for the prior six months is higher than the median income in […]
