By Jeff Field | Published August 29, 2023 | Posted in Bankruptcy | Tagged Tags: business debt, means test, promissory notes | Leave a comment
How Business Debt Can Exempt You From the Bankruptcy Means Test
Chapter 7 is often the preferred form of bankruptcy relief for individuals, but not everyone qualifies. Most debtors must satisfy the “means test,” which is used to demonstrate that they have insufficient income to repay any portion of their debt. However, debtors who hold a large amount of business debt are exempt from the Chapter Read More
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How Georgia’s Pawn Shop Law Excludes Car Title Loans from Chapter 13 Plans
A Chapter 13 bankruptcy allows individuals to restructure their consumer debts and to repay them over an extended period of time. Many debtors choose this form of bankruptcy in order to save a home from foreclosure or a vehicle from repossession. However, not every type of loan can be restructured under Chapter 13. People in Read More
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Using the Automatic Stay in Bankruptcy to Block Wage Garnishments
If you fall behind in paying debts, you may be subject to a wage garnishment. A creditor might obtain a court order requiring your employer to impound a portion of your wages or salary each pay period and to send it to the creditor. Garnishments can be devastating as they can leave you with insufficient Read More
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How Fast Can You Get a Chapter 7 Bankruptcy Discharge?
Chapter 7 is the simplest type of consumer bankruptcy, since it usually results in a discharge of most or all debt. It’s also the quickest. Cases are typically completed in four to six months, compared with a Chapter 13 loan, which takes years. That said, there are scenarios and circumstances that might result in your Read More
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Using Chapter 13 Bankruptcy to Obtain Mortgage Debt Relief
Many people in financial distress are behind on their home mortgages. Debtors who have missed payments are at risk of losing their homes to foreclosure. One of the most effective strategies for saving a home from foreclosure is a Chapter 13 bankruptcy. This type of bankruptcy is also called a wage earner’s plan, because it Read More
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