Bankruptcy

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Chapter 7 Bankruptcy

In order to be eligible to use Chapter 7 bankruptcy you need to pass a means test. One way to satisfy the means test is to establish that your family income is less than the median income for families of a similar size in your state as determined by the Census Bureau. This number can and does change from year to year, so it's a great idea to check and see what the median is in your state for the current year. If your income is still higher than the median for your particular family size, a Chapter 11 bankruptcy restructuring may still be able to help.

Disclaimer: The content on this page is not a substitute for legal advice. Consult a lawyer before filing for Chapter 7 bankruptcy.

updated 2011-01-29 00:35:51

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How to File for Illinois Bankruptcy

The content in this page is not a substitute for professional financial advice. Please contact your financial adviser before using the information presented here.

updated 2010-07-17 08:37:19

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How to File for North Dakota Bankruptcy

In order to pass the Chapter 7 Bankruptcy means test and be eligible to declare Chapter 7 bankruptcy, you'll need to show that your annual income is less than the state median in North Dakota. This figure is released by the Census Bureau, but varies depending on the size of your family. The following maximum incomes apply in cases filed after March 15, 2009http://research.lawyers.com/North-Dakota/Bankruptcy-in-North-Dakota.html:

1. Single individual: $38,226
2. Two person family: $53,389
3. Three person family: $67,644
4. Four person family: $71,751
5. Five+ person family: $71,751 plus $6,900 for each extra individual over four

updated 2010-07-17 08:37:46

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Chapter 13 Bankruptcy

The content on this page is not a substitute for legal advice. Consult a legal professional before filing for Chapter 13 bankruptcy.

updated 2010-07-17 01:02:02

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How to File for Maine Bankruptcy

When seriously considering a bankruptcy filing in Maine, it's critical that you consult with a bankruptcy attorney as soon as possible. They can help you work through which exemptions you have a right to claim. Once you have confirmed that you are allowed to declare chapter 7 bankruptcy after passing the means test discussed above, your attorney will formulate a strategy to keep as many of your assets as possible (and in many cases all of them). However, here are a just a few of the exemptions allowed in Maine under the 2009/2010 guidelines:http://research.lawyers.com/Maine/Bankruptcy-in-Maine.html

1. Tools of the trade to $5,000
2. One cooking stove, all furnaces or stoves used for heating and cooking and heating fuel
3. Up to $6,000 of any unused residence exemption towards clothing, furniture, appliances, tools of the trade, legal awards and life insurance benefits
4. One motor vehicle, up to $5,000 in value
5. A payment to $12,500 for personal bodily injury
6. Your residence or burial plot to $47,500 or $90,000 if minor dependents live with you or if you or any of your dependents are either at least 60 years old or disabled
7. Professionally prescribed health aids
8. Food for six months
9. Alimony, support or separate maintenance necessary for support
10. One boat, not exceeding 5 tons burden, used for commercial fishing

updated 2010-07-17 08:37:27

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How to File for Oklahoma Bankruptcy

Once you've confirmed that you'll qualify to file for chapter 7, you'll need to enlist the help of a bankruptcy attorney so they can cover with you all of the exemptions that you have a right to claim. Though your lawyer will have the experience necessary to determine the best strategy for you, here are a just a few of the allowable exemptions in Oklahoma:http://research.lawyers.com/Oklahoma/Bankruptcy-in-Oklahoma.html

1. Wedding and anniversary rings to $3,000
2. Tools of trade to $10,000
3. 75% of wages during the last 90 days, unless needed for child support obligations
4. Clothing to $4,000
5. Household and kitchen furniture
6. Guns for household use to $2,000
7. Alimony, support, maintenance in an amount reasonably necessary for support
8. Livestock for personal or family use: 5 milk cows and their calves under 6 months old, 100 chickens, 2 horses, bridles and saddles, 10 hogs, 20 sheep and forage and feed to last 1 year
9. One motor vehicle to $7,500
10. Home or manufactured home if principal residence unless the property was acquired within the previous 1,215 days, and then the homestead exemption is limited to $125,000 in home equity under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
11. Funds in an individual retirement account
12. Prepaid funeral benefits

updated 2010-07-17 08:37:49

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How to File for Iowa Bankruptcy

Once you've determined that you are eligible to file for chapter 7, it's extremely vital that you enlist the help of a bankruptcy attorney so they can cover with you all of the exemptions you have a right to claim. Though your lawyer has the experience necessary to decide on the best strategy, here are a just a few of the allowable exemptions in Iowa:http://research.lawyers.com/Iowa/Bankruptcy-in-Iowa.html

1. Alimony, support or separate maintenance
2. Tax refund and accrued wages to $1,000
3. Farm implements, livestock and feed to $10,000
4. Tools of the trade for non-farmer to $10,000
5. 75% of disposable earnings
6. Assistance for adopted, hard-to-place homeless children
7. Household furnishings, clothing, goods, musical instruments, appliances and other personal property to $7,000
8. Health or disability insurance to $15,000
9. One motor vehicle to $7,000

updated 2010-07-17 08:37:22

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How to File for Texas Bankruptcy

The content in this page is not a substitute for professional financial advice. Please contact your financial adviser before using the information presented here.

updated 2010-07-17 08:37:57

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Consolidation Debt

The content of this page is intended for general informational purposes only and is not a substitute for professional financial advice. Please consult your financial advisor before taking any action based on the information on this page.

updated 2010-07-17 02:06:57

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