Important Chapter 7 Bankruptcy Law to Know
An important part of filing for Chapter 7 bankruptcy is the Florida Bankruptcy Means Test. In order to file for Chapter 7, you must pass the Florida means test. It only applies to higher income filers, meaning if your income is below the Florida median you are exempt from the test and may file for […]
Common Bankruptcy Myths
Bankruptcy Attorney Miami and Hialeah offers the best services for those filing bankruptcy. It might be true that before you visit Andres Montejo, you may visit other bankruptcy lawyers that can tell you different things that are not true. If you hear any of these myths, you may not be receiving the best services you […]
Which Bankruptcy is right for you?
Bankruptcy is a legal proceeding involving a person or business that is unable to repay outstanding debts. There are different types of bankruptcy such as: Chapter 7- Involves liquidation of assets Chapter 11- Company or individual “reorganizations” Chapter 13- Debt repayment with lowered debt covenants or payment plans The type of bankruptcy that you file […]
Let the Chapter 7 Trustee Sell Your Final Business Assets and Pay Your Special Debts
Give the bankruptcy trustee the headache of dealing with your final business assets. The owner of dying business tends to have a hard time figuring out how and when to close the doors of that business. Even after deciding that he or she will likely have to file a personal bankruptcy to get a fresh […]
“Asset” and “No Asset” Closed-Business Chapter 7 Cases
When the sole proprietor of a just-closed business files a personal Chapter 7 bankruptcy case, the trustee may or may not have assets to liquidate and distribute to the creditors. If not, the case will more likely be finished faster. But if the trustee does collect some assets, there can be some bigger advantages in […]
Keeping It Simple in a Closed-Business Chapter 7 Case
Using a Chapter 7 case to clean up after closing down your business will be easy or not depending largely on three factors: business assets, taxes, and other nondischargeable debts. These three will usually also determine if you should be in a Chapter 7 case or instead in a Chapter 13 one. Once you’ve closed […]
The Far Limits of the Means Test
Very few people who want to file Chapter 7 bankruptcy need to take the means test all the way to its limits. But if you do, you better have some iron-clad “special circumstances” to defeat your “presumption of abuse.” The means test triggers whether or not your case is presumed to be an abuse […]
The Arbitrariness of the “Objective” Means Test
The means test is supposed to be an objective way to decide who qualifies to file a Chapter 7 bankruptcy. So what’s so objective about whether your “monthly disposable income” is less than $117 or more than $195? Sounds pretty arbitrary to me. Before getting to this step of the means test, let me bring […]
The “Black Box” of the Means Test
What happens if you make too much money so that you are over “median income,” but you still want to file a Chapter 7 case? You get to go through the “black box” that is the expenses side of the means test. In the last couple of blogs I’ve covered the first part of […]
Married Couples’ Protection from the IRS under Chapter 7 and Chapter 13
Filing bankruptcy with or without your spouse, and under Chapter 7 or Chapter 13, may affect what protections you each receive.