Last year I had some financial difficulties and I couldn't pay off my debt. The uncertainty of my financial future was adding to my already stressful life. After months of worry, I finally decided to contact a bankruptcy attorney. After discussing my options with the attorney, I decided to file bankruptcy. My name is Kyle Diggler and if you're struggling with debt and considering bankruptcy, I'm here to help you. I'm not an expert, but I want to share my story and my experience of filing bankruptcy with others who are in a similar situation. As you read my blog, you'll learn all about the bankruptcy process so that you'll know what to expect. I'll also share some tips to help you start your life over financially. I hope that my blog answers all the questions you have about filing bankruptcy.
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With a single federal filing, bankruptcy could make many of your debts simply disappear and immediately get the creditors off your back. While this decision should not be taken lightly, you should also spend some time ensuring that this action is going to do what you hope it does. Not everyone qualifies to file, and the sooner you know about the qualifications, the sooner you can take action. Read on to learn about the very specific test you must pass to file for chapter 7 bankruptcy.
Do you earn too much money? When the bankruptcy codes were first written, it was simply taken for granted that those who took such a drastic step as declaring bankruptcy did so out of extreme need. Fast forward to the last few decades, and now the bankruptcy codes have adjusted to place some restrictions on who can file. They've also added educational requirements and adjusted other aspects of filing. The changes came about because of people who filed bankruptcy time after time, and those who had the means to pay their debts but used bankruptcy as a way to turn their backs on that financial responsibility.
The means test sorts the filers out. These changes meant, among other things, that filers who make a lot of money could no longer count on the easy way out of debt. The means test measures a potential filer's income against the median income of their state of residence. This attempt to bring bankruptcy back around to its original purpose, for filers to "declare" that they do not have the "means" to pay their debts, can affect some filers' ability to file.
How the "test" works. Many filers don't really recognize this test for what it is when they complete their bankruptcy package paperwork, but it is there in the budget you are required to complete before filing. Pay close attention to this budget, since an error could prevent your filing. Your income is compared to others in your state, and certain larger or unusual expenses can be deducted from that stated income, which could potentially allow you to "pass the test". For example, if you can show that your medical expenses are higher than usual, you may qualify to file. So pay special attention to Form 22-A when you complete your paperwork.
Do some advanced planning. You don't need to wait to find out if your income meets the test; you can use an online calculator to get a broad idea. Caution is urged, however. If your income is just a bit over or under, you may need to allow a bankruptcy attorney, like Greg Dunn Bankruptcy Attorney, to assist you in determining your ability to file. You may be unaware of all the deductions allowed or ways to count income that could allow you still file for debt relief.
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