Filers who make more than the state's median income will need to go through an additional step before they can file their chapter 7 bankruptcy. The means test is part of the filing paperwork package for such filers, and it bears a closer look. Read on to find out more about this test that you must pass before you can file and get the debt relief you need.
Part One of the Means Test
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Chapter 7 bankruptcy is mostly about completely eliminating the debts you have, but chapter 13 allows reorganization and at least partial repayment. Therefore, chapter 13 bankruptcy repayment plans seem to be the more responsible decision. Here is a look at some of the pros and cons of going with a chapter 13 repayment plan after filing bankruptcy.
Pro: You can lessen the burden of the debts payments you have.
If you are scratching and struggling to make your payments every month, chapter 13 repayment plans can be a logical solution.
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Most consumers don't give much thought to the types of debt they have. They might realize that a mortgage is different from an auto loan, but the differences go beyond that. If you are about to declare chapter 7 bankruptcy, you will need to know and understand how your debt is divided. For bankruptcy purposes, your debts fall into two main categories – secured and unsecured. The way these debts are dealt with should concern you if you want to get the most out of bankruptcy without losing property, so read on to learn more.
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