About Manny Frishberg
Articles written by Manny Frishberg
Chapter 7 vs. Chapter 13: Means Test and Eligibility Requirements
Chapter 7 bankruptcy allows debtors to discharge their debts by selling assets (subject to bankruptcy exemptions) and using the proceeds to repay creditors. Chapter 13 bankruptcy sets up a monthly payment plan over a three- or five-year period. To determine which type of bankruptcy to file for, bankruptcy courts apply a means test to evaluate a debtor's regular income and whether it's sufficient to repay their debts. The means test leaves some debtors with no option but to file under Chapter …
Gone Broke
A clean slate’s not an easy option since new bankruptcy laws took effectA family member has an illness that requires a lengthy hospital stay. She recovers nicely, but with whopping medical bills and meager health insurance, your chances of financial recuperation look slim. A year ago, you might have been able to file for bankruptcy and get a fresh start. Now it’s not so easy. If you make more than the median income (in Washington state, that comes to about $71,000 a year for a family of four), you will now find it much harder to file a Chapter 7—which wipes out …
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