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Means Test

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

Chapter 7 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 …

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What you should know about the trustee in bankruptcy

When the topic of bankruptcy in New York comes up, you hear a lot about things like Chapter 7, Chapter 13, the “means test,” financial statements and a bunch of other important terms. But what do you know about the trustee and his or her role in a bankruptcy case? It’s important to understand what …

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Why Hire an Experienced Chapter 7 Brooklyn Bankruptcy Lawyer

Debtors usually point to two reasons for not hiring an experienced Brooklyn bankruptcy lawyer before filing a chapter 7 case: affordability and necessity. Obviously, many people who owe significant debts frequently lack the money for a bankruptcy attorney. (As an aside, there are options for debtors who are too poor for bankruptcy filing fees.) The …

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Prenuptial Agreements and Bankruptcy

Married debtors in New York bankruptcy are more likely to have signed prenuptial agreements than debtors elsewhere just because so many New Yorkers are wealthy and want to protect their wealth in the event of a divorce or early death. Because marriage and bankruptcy intersect—often unpleasantly, alas—some debtors wonder what effects a prenuptial agreement might …

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Who Are Chapter 7 Bankruptcy Debtors?

The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005 changed the Bankruptcy Code in many ways that made it harder for debtors to file a simple chapter 7 bankruptcy. However, one potentially positive change it made is requiring federal courts to track data on bankruptcy cases. The information they collect is not particularly …

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What Happens to Health-Insurance Policies in Bankruptcy?

The connection between bankruptcy and health insurance is well documented. For example, research by the Federal Reserve found that health insurance can keep people out of bankruptcy, and the Affordable Care Act reduced medical bankruptcies by half. Naturally debtors may ask what happens to their health-insurance plans in New York bankruptcy. The short answer is …

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How to Keep Your Pets in New York Bankruptcy

More than two-thirds of American households have pets, and sometimes they run into financial difficulties. For the most part, though, New York bankruptcy protects debtors’ pets, but there are additional considerations that should assuage pet owners. New York exempts pets. Section 5205(a)(4) of the New York Civil Practice and Law Rules exempts domestic animals from …

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What Are ‘Special Circumstances’ in the Means Test?

A while back I spent several posts discussing the means test in a chapter 7 New York bankruptcy. If debtors’ incomes are above the median family’s for their state, they must take the means test. Sometimes they fail it, but the Bankruptcy Code allows debtors an out: “special circumstances” that reduce their current monthly incomes …

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7 Ways Debtors Benefit From the 2016 Bankruptcy Dollar-Amount Adjustments

Step aside February 29th, April 1st is the real leap year for 2016. No, the calendar didn’t change; rather, the federal government will adjust the Bankruptcy Code’s dollar amounts to correspond with inflation, something it does once every three years. Specifically, section 104(a) lists all of the parts of the Bankruptcy Code containing dollar figures …

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