by Shakeal Masoud, Attorney at Law
The means test is one of the new requirements under BAPCPA for an individual filing bankruptcy. The intent of the means test is to prevent abuse of the bankruptcy system. The means test is determined based on an individuals income and expenses. If a debtor does not qualify under the means test for a Chapter 7 bankruptcy filing, than most debtors typically file a Chapter 13 bankruptcy. Debtors might be aware of the means test, but very few understand what exactly is involved with each step.
We will discuss the means test, step by step, in our upcoming posts so you get a better understanding of the mechanics behind the test.
If you have questions regarding the means test, contact an experienced Los Angeles bankruptcy lawyer at Sky Law Group today!
Tagged as:
Bankruptcy,
Chapter 13 bankruptcy,
Chapter 7 bankruptcy,
Los Angeles Bankruptcy Lawyer,
Means Test,
Sky Law Group
by Shakeal Masoud, Attorney at Law
Many people in bankruptcy complain that the reaffirmation agreement paperwork is not straightforward and difficult to fill out. Debtors often complain about an additional court appearance and whether the judge will allow them to keep their vehicle. The frustration is obvious because reaffirmation agreements are not simple for the debtor to complete. This is especially true when many attorneys won’t sign or explain the reaffirmation agreement to the debtor.
If you have filed for bankruptcy and intend on keeping your vehicle, lenders will require you to sign a reaffirmation agreement. However, if you choose not to fill out the reaffirmation agreement paperwork, does it automatically mean you will lose your vehicle? Not necessarily. The reason is that many car lenders will allow the debtor to “ride through” meaning that no repossession activity will be taken as long as the debtor remains current on his or her payments. So if the lender allows you to “ride through” and you remain current on your monthly payments, you can keep your vehicle without a reaffirmation agreement.
You must remember that even though you won’t get any paper statements from your car lender, the vehicle payment is still due. Hence, make sure your vehicle payments are timely made.
If you have any questions regarding your reaffirmation agreement, contact an experienced Los Angeles bankruptcy lawyer at Sky Law Group today.
Tagged as:
Los Angeles Bankruptcy Lawyer,
Reaffirmation Agreements,
Repossession,
Ride Through,
Sky Law Group
by Shakeal Masoud, Attorney at Law
Most consumers file for Chapter 7 bankruptcy or Chapter 13 bankruptcy. Under certain situations, a Chapter 11 might be more plausible. On the other hand, a Chapter 12 bankruptcy is an option for family farmers and family fisherman with regular income.
A Chapter 12 bankruptcy is similar to a Chapter 13 bankruptcy and allows one to reorganize their debts over a period of time. If you are a farmer, you will be able to keep your land and equipment while formulating a repayment plan with creditors. Further, a Chapter 12 bankruptcy has a higher debt ceiling which is advantageous for farmers as opposed to a Chapter 13 bankruptcy.
If you have questions regarding a Chapter 12 bankruptcy, contact an experienced Los Angeles bankruptcy lawyer at Sky Law Group today.
Tagged as:
Chapter 12 Bankruptcy,
Family Farmers,
Family Fisherman,
Los Angeles Bankruptcy Lawyer,
Repayment Plan,
Sky Law Group
The means test is one of the new requirements under BAPCPA for an individual filing bankruptcy. The intent of the means test is to prevent abuse of the bankruptcy system. The means test is determined based on an individuals income and expenses. If a debtor does not qualify under the means test for a Chapter 7 bankruptcy filing, than most debtors typically file a Chapter 13 bankruptcy. Debtors might be aware of the means test, but very few understand what exactly is involved with each step.
