new median family income numbers

What is the Median Family Income? A term you often hear when discussing or researching bankruptcy is “median family income” and “means test.”  If you do not know what this means you are not alone.  It can be quite confusing.  However, the median family income amount is very important.  The new median family income numbers…

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median family income

A term you might often hear when discussing or researching information about bankruptcy is “median family income.”  If you do not know what this means you are not alone.  However, the Median Family Income in Ohio amount is very important.  It determines whether you qualify to file Chapter 7 Bankruptcy. The current monthly income test looks…

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median family income

A term you might often hear when discussing or researching information about bankruptcy is “median family income.”  If you do not know what this means you are not alone.  However, the Median Family Income  in Ohio amount is very important when trying to figure out how you can file for bankruptcy protection. A calculation that is…

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It is possible to be married and file for bankruptcy without your spouse. However, you may need to utilize the marital adjustment deduction in order to qualify for Chapter 7 bankruptcy. When you are married and file bankruptcy the Court looks at all of the household income regardless of who is filing. If the non-filing spouse makes…

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Under the new bankruptcy law, which took effect in October 2005, a mathematical formula called the “means test” establishes an initial determination of the kind of bankruptcy you qualify for: Chapter 7, Chapter 13, or either. This formula takes into account: your monthly income the amount and kind of your debts, and other aspects of…

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Under the The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) a mathematical formula called the “Means Test” helps establish who can declare Chapter 7 bankruptcy.  Before BAPCPA debtors of all income levels could file for Chapter 7 protection, but now filers with higher incomes will be directed to file Chapter 13 if…

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What is the time table  for bankruptcy? – Depends on the chapter you file How long a bankruptcy will take, from the time of filing until discharge, is one of many concerns clients have when considering whether or not to file.  Although this can depend on many circumstances, it mostly depends on which type, or…

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  Chapter 7 v. Chapter 13: Find the Right Bankruptcy Filing for You How are Chapter 13 and Chapter 7 bankruptcy filing? Creditors are prohibited from contacting you while under the protection of the automatic stay, which goes into place upon the filing of either chapter; and Completion of the Credit Counseling Class is required…

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