Bankruptcy issues, articles and thoughts by attorney Mark J. Markus
This article is part of my bankruptcy alphabet series People are Not Numbers When numbers are used to identify people, it’s usually when they are in prison. The Bankruptcy laws used to be about helping out people (and businesses) in need. They were about equitable solutions to serious financial problems. Laws in general are [...]
You can be below the median income and still not qualify for bankruptcy, and above the median and be able to qualify. Sound confusing? Read more.
Gifts and bankruptcy. Gifts you make and gifts you receive can both have significant consequences in a bankruptcy case. Learn why.
Explanation of whether gifts or loans must be included in the income analysis for the dreaded “means test” in bankruptcy
I was asked a question in a forum: If a chapter 7 bankruptcy case gets dismissed for “failing” the means test, under 707(b) of the bankruptcy code (11 U.S.C. 707(b)), is there any time limit on re-filing? The answer is, for most cases, “no.” There are penalties for filing subsequent bankruptcy cases within one [...]
One of the most frequent questions bankruptcy attorneys are asked by potential clients is whether they should file bankruptcy, or use a debt consolidation company to make payments towards their debts. For those lucky debtors who qualify for Chapter 7 (which requires no repayment of debts but allows in most cases for discharge of all [...]
What is the means test in bankruptcy? What does it mean? How is it calculated?
