Means Test | Rosenberg, Musso & Weiner, LLP

Chapter 7 bankruptcy and the means test: What does it mean?

Chapter seven bankruptcy (or “straight liquidation”) is the most common form of bankruptcy filing in New York and around the U.S.

Thanks to the “means test,” however, it’s slightly less frequently used than it used to be. That’s because the means test for Chapter 7 bankruptcy was essentially put in place by the credit industry in the . . . → Read More: Chapter 7 bankruptcy and the means test: What does it mean?

401K Loan, Bankruptcy: What you should know

If you’re thinking of filing for bankruptcy in New York and you previously took out a 401(k) loan, what should you be aware of?

First, it depends upon whether you’re going to file for Chapter 7 or Chapter 13 bankruptcy. (And that’s a question to discuss with your experienced bankruptcy attorney in New York.) In a Chapter . . . → Read More: 401K Loan, Bankruptcy: What you should know

Judge Alan Trust wins Bankruptcy Bill Bankruptcy Song Contest

The Bankruptcy Bill Bankruptcy Song Contest (of which I was one of the sponsors) announced it’s winner in a cute cartoon:

“DEBTS IN WRONG PLACES”
by Judge Alan S. Trust (United States Bankruptcy Judge, Eastern District of New York)

(Bankruptcy Bill Song Contest cartoon image used by Rosenberg Musso & Weiner LLP with the express permission of . . . → Read More: Judge Alan Trust wins Bankruptcy Bill Bankruptcy Song Contest

Top 10 Parts of BAPCPA Congress Needs to Fix

There’s a great post from yesterday on Bankruptcy Prof Blog titled:

The Top 10 Parts of BAPCPA Congress Needs to Fix

http://lawprofessors.typepad.com/bankruptcyprof_blog/2010/01/top-ten-parts-of-bapcpa-congress-needs-to-fix.html

I’ll share a few of them here to give you a taste, but definitely go to their site to read the full list along with their commentary.

Need for a streamlined small business bankruptcy process
Get rid . . . → Read More: Top 10 Parts of BAPCPA Congress Needs to Fix

Bankruptcy Bill's Bankruptcy Song Contest

A song contest might not be the first thing that comes to mind when you think of bankruptcy. But apparently it is for the folks at the Bankruptcy Bill cartoon site.

So if you have any thoughts or feelings about the topic of bankruptcy, whether from personal experience or otherwise, here’s a wonderful opportunity to express yourself.

Go . . . → Read More: Bankruptcy Bill's Bankruptcy Song Contest

Annie Leibovitz avoids mandatory credit counseling in New York

"Say BAPCPA!"

ABC News reports that Annie Leibovitz reached an agreement with her creditors that, at least for now, staves off the need for a bankruptcy filing.

What if Annie Leibovitz had filed for bankruptcy in New York?

Would she have to go through mandatory credit counseling (cost: $50) as required by the 2005 Bankruptcy Abuse Prevention and . . . → Read More: Annie Leibovitz avoids mandatory credit counseling in New York

BAPCPA Man #6 – Unemployment, Median Income and the Means Test

With permission from the creators of BAPCPA Man, here is BAPCPA Man #6 – Unemployment, Median Income and the Means Test:

(Click here to see larger version of the . . . → Read More: BAPCPA Man #6 – Unemployment, Median Income and the Means Test

The Means Test and the Unemployment Trap

Rising unemployment in the U.S. has made the “means test” all the more significant for individuals considering filing for bankruptcy in New York and elsewhere.

The means test refers to the eligibility requirement under the 2005 bankruptcy law. To be eligible to file for Chapter 7 bankruptcy in New York, an individual’s income must be equal to . . . → Read More: The Means Test and the Unemployment Trap

New Bankruptcy FAQ section

Just want to let everyone know that the Bankruptcy FAQ section from our website is now also available on this blog.

In the Bankruptcy FAQ section, you can find answers on the following topics:

What disclosures must a collection agency provide to a debtor?
What actions must a collection agency avoid?
Are there any alternatives to filing bankruptcy?
Are student loans . . . → Read More: New Bankruptcy FAQ section

Why did Lenny Dykstra file for Chapter 11?

You’ve probably heard by now that former New York Met star Lenny Dykstra (aka “Nails”) filed for Chapter 11 bankruptcy and all about his financial woes stemming from litigation, divorce, foreclosure, etc.

But why Chapter 11? Isn’t Chapter 11 bankruptcy for companies? And don’t individuals usually file for Chapter 7 liquidation? Or maybe for Chapter 13 (repayment . . . → Read More: Why did Lenny Dykstra file for Chapter 11?

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