How much income is allowed for a chapter 7 bankruptcy?

Answer There is no specific amount when it comes to the income allowed for a Chapter 7 bankruptcy. In all states you can file for Chapter 7 bankruptcy if your current and total monthly income for your siz... Read More »

Top Q&A For: How much income is allowed for a chapter 7 bank...

In Pa in chapter 7 bankruptcy can person use Federal Bankruptcy Exemtion to keep 120000 paid off condominium if this is only asset and only projected income is 238 monthly?

Refer to your last similar Q.Yes you have a 125K Federal Homestead Exemption.Yes you have issues that need to be protected by an attorney in the BK process (any creditor will have one and they will... Read More »

Can you claim income tax on Chapter 13 bankruptcy?

No, income tax debt cannot be claimed for discharge on a Chapter 13 bankruptcy. A Chapter 13 bankruptcy allows for the court to create a new payment plan for income tax debt, according to Lawyers... Read More »

Sources of Income for Chapter 7 Bankruptcy?

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 created a means test that all Chapter 7 bankruptcy applicants must undergo. The means test analyzes all of the debtor's income to... Read More »

Chapter 7 Bankruptcy Income Limitations?

In 2005, the United States Congress passed bankruptcy reform legislation that created stricter income limitations for Chapter 7 bankruptcies. The legislation was called the Bankruptcy Abuse Prevent... Read More »