What is the means test in bankruptcy? What does it mean? How is it calculated?
How much debt must you have before you can file bankruptcy?
Another frequent question I get from potential clients is whether debts that they are making payments on as part of a "debt consolidation" program are dischargeable in a bankruptcy case. In fact, I've had numerous people think that those aren't even debts anymore, once they are in a repayment program, or that magically the 15 debts they consolidated are now just one debt. Let me provide some simple, concise answers or explanations to these questions/comments. 1. Yes, debts that have [...]
Whether you can discharge (bankrupt) specific debts and keep others is a question that over the years I get asked repeatedly. Actually, strangely enough, clients don't ask it as a question. They state it as if it were completely possible. "I want to get rid of my large debts and keep the small ones". After nearly twenty years of listening to this, I believe a lot of it stems from some very basic confusion of bankruptcy discharges and the general [...]