What is the bankruptcy Means Test and how does it work?

Bankruptcy can provide an option for those facing issues with paying their rent or mortgage during the COVID-19 pandemic. Both Chapter 13 and Chapter 7 provide tools to assist people struggling to make these payments get the time they need to catch up on those payments or unload the obligation.

As with anything else in bankruptcy, how to handle homeowner association (HOA) dues depends on what you want to do with your home mortgage obligation and where you are in the process.

Bankruptcy fraud can take many forms beyond lying on your bankruptcy paperwork or not telling the truth at the 341 Meeting of Creditors.

In a Chapter 13, the treatment of a rent-to-own agreement will be governed by state law and the economic reality of fighting over that determination.

As a general rule, you are not required to file an adversary proceeding to discharge tax debt, but such a proceeding does provide some level of certainty that the tax debt is dischargeable.

Personally assessed taxes like the trust fund recovery penalty can not be discharged in bankruptcy.

A tax lien, like any other kind of pre-petition lien, will survive bankruptcy regardless of whether the actual claim is discharged in the bankruptcy proceeding.

While the discharge of income tax debt is fairly simple in bankruptcy, there are several factors that you must satisfy to accomplish that discharge.

Under the good faith payment prong of the student loan discharge test you must show good faith efforts to repay your loans, maximize your income, and minimize your expenses.

While it is possible to discharge student loan debt in a bankruptcy, it is very difficult and very expensive.

While there are some general rules about how bankruptcy will impact your credit score, the actual impact will depend on your circumstances and your conduct after bankruptcy.

This site is designed to assist Southern Maryland consumers with the very hard decision of moving forward with a Chapter 7 or Chapter 13 bankruptcy.  As with anything else in life, the first question that should come to your mind as you read this post, or any other for that matter, is why should ...