In order to qualify for debt relief under Chapter 13 of the Bankruptcy Code, a San Diego debtor must be “an individual with regular income,” among other requirements. The term ‘individual with regular income’ means an individual whose income is sufficiently stable and regular to enable such...
On the other hand, Chapter 13 bankruptcy is appropriate for those companies and individuals that are not able to pay their current debts, but may be able to become solvent if allowed to reorganize. Those filing for Chapter 13 bankruptcy present the court with a repayment plan. The court pres...
While there’s no rulebook on how to prepare for college, here’s a list of 18 steps to consider to ease into this chapter of your life. Consider this your guide for navigating high school in preparation for college. Step 1: Plan out your high school courses and extracurriculars While...
FHA Debt-to-Income Ratio Requirements To qualify for an FHA loan, you’ll want to aim for a debt-to-income (DTI) ratio at or below 50%, including your new mortgage payment. Here’s a quick example to illustrate how to calculate your DTI: ...
Chapter 7 is ideal if you have limited income and few valuable assets, but it remains on your credit report for up to 10 years, affecting your ability to obtain new credit. Chapter 13 Chapter 13, known as “reorganization bankruptcy,” lets you create a repayment plan to repay debts over...
When I pressed the issue, they said his IQ is too high to qualify for special ed.” —or—“As advocates for students with learning disabilities, we see students being denied services because they are receiving Bs and Cs on their report cards and are being passed from grade to grade.” ...
Contact a qualified bankruptcy attorney. When you’re ready to proceed, your attorney will help you complete paperwork disclosing your assets and debts as well as your income. A means test will determine whether you can file for Chapter 7 bankruptcy (a discharge of debts) or Chapter 13 bankrup...
Chapter 13 Bankruptcy Individuals who make too much money to qualify for Chapter 7 bankruptcy may file underChapter 13, also known as a wage earner's plan. It allows individuals—as well as businesses, with consistent income—to create workable debt repayment plans. ...
Chapter 7 Bankruptcy and the Means Test Themeans testfor Chapter 7 bankruptcy is a financial assessment tool designed to determine whether an individual's income is low enough to qualify for debt relief under Chapter 7. This test was implemented as part of the Bankruptcy Abuse Prevention and Con...
A common means test is the one used to determine eligibility forChapter 7bankruptcy. Means testing is also used in distributing Medicare benefits and has been suggested as a solution to theSocial Securityproblem. Since debts do not have to be repaid under Chapter 7 bankruptcy, it is supposed t...