Thanks to Jill Michaux for this well timed information. Whether you get a trick or a treat tomorrow when the bankruptcy means test numbers change again depends on where you live. To decide whether you can wipe out your debts in bankruptcy, several formulas are used. First you determine if your debts are primarily consumer or business debts. The test does not apply if more than 50% of your debts are business. If your debts are more than 50% personal, family or household debts, then you determine if your gross income is above or below median income for your household size in your state. These figures are based on U.S. census data adjusted twice a year. The latest adjustment is effective November 1, 2012. Those numbers go up and down. In Kansas, for example. the means test got tougher because the median income figures went down. Yet, last May, the…
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NEW YORK (Reuters) – Bankruptcy can be just about as traumatic as it gets for a company, its employees, customers, and suppliers. The only thing worse – going through it again, and again. The number of companies making second trips through bankruptcy — sometimes dubbed “Chapter 22” filings, or Chapter 11 times two — has jumped in the first two months of 2012. Four of the 17 public companies that have filed for bankruptcy this year, including Twinkie maker Hostess Brands and family-style restaurateur Buffets, are repeat filers, according to BankruptcyData.com, which tracks filings by publicly traded companies and repeat filings for companies that were once listed on a stock exchange. That compares with six companies that slid back into bankruptcy in all of 2011. It’s not unheard of for a company to file a “Chapter 33.” Late last year, clothing retailer Filene’s Basement filed its third Chapter 11 in…
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A new study recently suggests that African-Americans are twice as likely to end up filing Chapter 13 than Chapter 7. Some experts have suggested that perhaps it is simply because Chapter 13 fees can be paid back over a number of years, while Chapter 7 generally requires an upfront payment. Because of this, the study suggests that lawyers are disproportionately guiding some into a process that may not be the best choice for them financially due to conscious or unconscious biases. You need a reliable, unbiased bankruptcy attorney who can provide sound financial advice based on more than 30 years of combined experience in Chapter 7 bankruptcy and Chapter 13 bankruptcy cases. Contact an attorney at The Sader Law Firm today for a free consultation at (816) 561 1818 to find out whether you qualify for bankruptcy and to learn more about your options.
*Credit card payments will not be accepted for bankruptcy cases, unless pre-approved by The Sader Law Firm. If you have a question about a credit card payment, please call our Office Manager at (816) 561 1818.
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