Means Test for Bankruptcy


	Means Test for Bankruptcy

ses03

4-7-2009 11:40 AM

49 views

tags:

bankruptcy, chapter 7, chapter 13, debt, debt settlement, bankruptcy lawyers

ses03 says:

In troubled times when it comes to money, allot of Bankruptcy Lawyers lead consumers to file Chapter 7 or Chapter 13. Bankruptcy has a long term effect on your credit. Seek a bankruptcy alternative with debt settlement. Visit www.1debtres.com

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/f2ffcf98-3ca3-4de2-a3d3-e1a47154c591/0AC9BBED-6AC5-4CD3-83BD-C941C7836C29/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://firstchoicedebtresolution.wordpress.com/2009/04/07/means-test-for-bankruptcy/" href="http://firstchoicedebtresolution.wordpress.com/2009/04/07/means-test-for-bankruptcy/" style="font-size: 11px;">firstchoicedebtresolution.wordpress.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://firstchoicedebtresolution.wordpress.com/2009/04/07/means-test-for-bankruptcy/"><DIV id="mainpic"></DIV></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://firstchoicedebtresolution.wordpress.com/2009/04/07/means-test-for-bankruptcy/"><P><SPAN><SPAN><SPAN>To apply the means test, courts look at the debtor’s average income for the 6 months prior to filing and compare it to the median income for that state. For example, the median annual income for a single wage-earner in California is $42,012. If the income is below the median, then Chapter 7 remains open as an option. If the income exceeds the median, the remaining parts of the means test come into play.<STRONG></STRONG></SPAN></SPAN></SPAN></P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://firstchoicedebtresolution.wordpress.com/2009/04/07/means-test-for-bankruptcy/"><SPAN>Bankruptcy, however, cannot cure every financial problem.<SPAN>  </SPAN>Nor is it the right step for every individual.<SPAN>  </SPAN>In bankruptcy, it is usually not possible to.</SPAN></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://firstchoicedebtresolution.wordpress.com/2009/04/07/means-test-for-bankruptcy/"><P><SPAN>Prior to filing bankruptcy, you must take an educational course through an approved counseling agency. For a list of approved counselors, see the U.S. Trustee’s website. In some cases, the filing fee to the court and costs of credit counseling classes can be waived under the new law depending on your income. </SPAN></P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/0AC9BBED-6AC5-4CD3-83BD-C941C7836C29/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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