Source: Link to Form B 122A-2 Chapter 7 Means Test Calculation "Do I make too much money to file bankruptcy?" is a common question I get from potential clients. The short answer is no, but earning too much may prevent you from filing under Chapter 7. A debtor who earns more than the state's … [Read more...]
Bankruptcy Basics: The Chapters of Bankruptcy in a Nutshell
Filing for bankruptcy is more than merely filing a petition in court; the Bankruptcy Code provides for five different chapters under which a debtor can file. Much work has to be done before filing to select the appropriate chapter for the client as each chapter has its own unique rules and … [Read more...]
Home is Where the Heart is, or is it?! Colorado Bankruptcy Court Denies Homestead Exemption to Debtor Living in His Semi-Truck.
IN RE EDWARD ROMERO, United States Bankruptcy Court, D. Colorado; decided June 23, 2015. Edward Romero filed for Chapter 7 bankruptcy on February 12, 2015 and on his petition he listed his "1997 Peterbilt truck" as exempt under Colorado's homestead statute.[1] Since 1998, Mr. Romero has lived … [Read more...]
Potentially Nasty Surprise for Chapter 7 Filers with Children in College
Potentially Nasty Surprise for Chapter 7 Filers with Children in College Debtors file bankruptcy to get a fresh start, not always realizing what that means practically speaking. Most people understand that if you file Chapter 7 then any non-exempt assets will be sold by the trustee to pay off … [Read more...]
Omitted Tort Claim in Bankruptcy Leaves Debtor with Coal in Her Stocking
Sometime in July, 2010, the debtor, Shawnna Pitts, was injured while leaving a CVS store in Ferndale, Michigan. As Shwanna was exiting the store, an automatic door closed on her and she was injured. Shawnna later filed suit against CVS and in 2013 she was able to reach a settlement with CVS. At the … [Read more...]
