means test Archives — Law Office of Mark J. Markus--Bankruptcy Attorney

Should I Borrow Use 401k Retirement To Pay Debts Or File Bankruptcy?
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Should I Borrow Use 401k Retirement To Pay Debts Or File Bankruptcy?

Bankruptcy Law, means test, retirement accounts

Should I Borrow Use 401k Retirement To Pay Debts Or File Bankruptcy?

In my opinion, using retirement or other protected funds to pay your debts is almost always a bad idea. Yet it is one of the most frequent "solutions" people utilize in their quest to deal with debt problems and their misguided attempts to avoid filing bankruptcy (which they often end up having to file anyway, after exhausting their retirement). AARP has the top google search article for this topic, written by Lynnette Khalfani-Cox. To its credit, the article takes the [...]

Mark J. Markus2021-08-26T12:11:53-07:00February 20th, 2015|

Can I Still File Chapter 7 Bankruptcy? Do New Laws Prevent Debt Discharge?
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Can I Still File Chapter 7 Bankruptcy? Do New Laws Prevent Debt Discharge?

Bankruptcy Law, chapter 7, means test, new bankruptcy laws

Can I Still File Chapter 7 Bankruptcy? Do New Laws Prevent Debt Discharge?

Yes, I went there. I said the "B" word. Most people would rather get strung upside-down naked and lowered into a pile of fire ants than consider bankruptcy. And I don't understand why. Many times--dare I say MOST times--bankruptcy is by far the easiest, cheapest, most effective and most efficient solution to their financial problems, both short term and long term. But today I read a post online from someone asking if Chapter 7 bankruptcy still exists, because he was [...]

Mark J. Markus2021-08-25T18:04:49-07:00November 30th, 2014|

How to Survive a Chapter 7 Bankruptcy Audit By US Trustee’s Office
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How to Survive a Chapter 7 Bankruptcy Audit By US Trustee’s Office

Bankruptcy Law, chapter 7, means test

How to Survive a Chapter 7 Bankruptcy Audit By US Trustee’s Office

Bankruptcy Audits By The Office Of The U.S. Trustee Bankruptcy case audits are back! According to the website of the United States Trustee (a branch of the United States Department of Justice), and as reported recently in an article by Jacqueline Palank of the Wall Street Journal, audits of consumer debtors in bankruptcy cases (Chapter 7 cases) will resume March 10, 2014 after having been suspended due to budget constraints. Are you prepared for your bankruptcy audit? Most are familiar [...]

Mark J. Markus2021-08-18T16:15:38-07:00March 1st, 2014|

Does Bankruptcy Means Test Use Gross or Net Income?
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Does Bankruptcy Means Test Use Gross or Net Income?

Bankruptcy Law, means test

Does Bankruptcy Means Test Use Gross or Net Income?

Gross Income Is Used For Certain Parts of Bankruptcy Means Test Determining which chapter of bankruptcy one is eligible to file has always been tricky. But with the addition of the Means Test and other determining factors in 2005, bankruptcy eligibility became even more difficult to determine. Not quite as complicated as college physics, but pretty hard. A question recently posed to me was: "Do you use gross income or net income to determine if you can file bankruptcy?" The [...]

Mark J. Markus2021-08-17T12:40:06-07:00January 21st, 2014|

The Bankruptcy Means Test. How Does It Work? What Does It Mean?
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The Bankruptcy Means Test. How Does It Work? What Does It Mean?

bankruptcy definitions, means test, new bankruptcy laws

The Bankruptcy Means Test. How Does It Work? What Does It Mean?

What the bankruptcy means test means

Mark J. Markus2021-08-07T12:21:44-07:00August 15th, 2012|

Bankruptcy Alphabet: N is for Numbers and New Bankruptcy Laws
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Bankruptcy Alphabet: N is for Numbers and New Bankruptcy Laws

Bankruptcy Alphabet, Bankruptcy Law, chapter 7, Legislation, means test, new bankruptcy laws

Bankruptcy Alphabet: N is for Numbers and New Bankruptcy Laws

The New Bankruptcy Laws Are All About Numbers 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 designed to help society as a whole, but one must never forget it is always about people. When a potential bankruptcy client comes into my office with [...]

Mark J. Markus2021-08-10T12:52:51-07:00March 1st, 2012|