1 06, 2017

What is the “Means Test”?

By | 2017-07-04T13:11:34+00:00 June 1st, 2017|Chapter 11 Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, General Bankruptcy|0 Comments

If your income is under median, then you are automatically eligible for chapter 7 based on your income. However, if your income is over median, then it gets a little more complicated. We must satisfy a formula called “the means test.” The means test is a somewhat complicated form, very similar to a tax return, [...]

28 10, 2016

What is the “Median Income”?

By | 2017-07-04T13:09:54+00:00 October 28th, 2016|Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, General Bankruptcy, Uncategorized|0 Comments

Median income is a benchmark in bankruptcy, which can determine whether or not you qualify for chapter 7 bankruptcy. Chapter 7 bankruptcy is the chapter where your debts are wiped out. if your income is under the median income for your household size, then you are automatically eligible for chapter 7 from an income standpoint. [...]

30 12, 2015

What if I Don’t Have Any Assets?

By | 2017-07-04T11:11:51+00:00 December 30th, 2015|Chapter 13 Bankruptcy, General Bankruptcy|0 Comments

Every day, I meet with clients considering a Las Vegas bankruptcy and talk about listing their assets. Almost every client tells me the same thing—I don’t own anything! Are you sure? An “asset” doesn’t have to be something physical that you can touch and examine. Have you ever written a song? Written an article? Do [...]