To determine whether you qualify for Chapter 7 bankruptcy, you may be subject to the means test, which will determine if your income is low enough for you to file a Chapter 7 bankruptcy and liquidate a good part of your debt. If your income is too high, you may be eligible for a Chapter 13 bankruptcy instead, where you would set up a payment arrangement to repay a portion of your debt. A Chapter 7 means test doesn't require that you are without income altogether. You may still qualify even … [Read more...]
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Can a Military Member File for Bankruptcy?
Members of the military can face unique financial difficulties. Deployments, moving from one duty station to another, and other unforeseen matters can create financial hardship. Like their civilian counterparts, military members are eligible to apply for bankruptcy in order to protect their homes or other possessions, stop creditor harassment and possibly limit liability for debts accrued. Of course, members of the U.S. Armed Forces are held to the highest standard and are expected to be … [Read more...]
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