Hi and thank you for your question. In the future, you can request me to answer any further questions.
Chapter 7 lasts for 90 days in most cases, chapter 13 lasts 3-5 years in most cases.
You can get credit after each case relatively easy if you have steady income.
During a chapter 13 you need to obtain court approval to take on new credit/incur debt during the case.
This is the link to the means testing income requirements for chapter 7 and chapter 13.
You need to select your state and then your household size.
This will show you the median income levels.
If you are below these levels, then the means test will not impact your case.
if you are above, you must complete the means test to determine which chapter is appropriate based on your income, family household size and living location.
Thanks for your question, good luck.
Thank you for some reason I'm not getting to the means testing for the state that I need to look in or should I say I can't find the means data to see if I qualify please help .....thank you
that is the link
Terry thank you for that. I am self employed and I need to take out my business expenses from the income to get an adjusted income so do they go by the adjusted income for the self empployed?
You should prepare a profit and loss statement for each month. On the means test, you should show gross business income, and the monthly business expenses (last page of form 22). This will then show what your personal gross income would be for the business.
Therefore, it will be off of your personal gross income you draw from the business.
Since you are self employed, you should consider hiring a local bankruptcy attorney to assist you, there are many pitfalls to a case when the debtor is self employed, including personal guarantees, allowable business deductions, value of assets and business interests, etc. Most offer free consultations too.
Thanks for your questions, good luck to you.
Thank you I just saw you answered this I appreciate all the help here.
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