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Roger
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 26589
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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If I claim chapter 7 now and if my wife has to file sometime

Customer Question

If I claim chapter 7 now and if my wife has to file sometime down the road
will she have to do the combined income test that I am going through now?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Roger replied 3 years ago.

Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney here to assist you.

 

Yes, she would. The "combined income" of a household is part of the Means Test and she would have to qualify just as you are now.

Customer: replied 3 years ago.
What if I am making too much money by then to qualify, but if the house does not short sell and she is not working do they look for me to pay
for the same creditors I just released in my own Chapter 7?
Expert:  Roger replied 3 years ago.

If you make too much money, she will not pass the means test, and therefore, will not be eligible for filing.

 

If you file bankruptcy and are discharged, you will no longer be legally responsible for any discharged debts. Thus, if your wife were to default on the house loan, you would not be liable for the debt so long as it was included and discharged in your bankruptcy.

Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 26589
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
Roger and other Bankruptcy Law Specialists are ready to help you
Customer: replied 3 years ago.
What is the period of time that the bankruptcy trustee can look
back regarding any bank transactions etc.?
Expert:  Roger replied 3 years ago.
Payments made, or liens perfected, within 90 days of the bankruptcy may be avoided by the trustee as preferences. If the recipient of the transfer is an "insider", the look back period is 12 months. "Insider" is defined in 11 U.S.C. 101 and includes family members, partners, and corporations in which the debtor is a decision maker.
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 26589
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
Roger and other Bankruptcy Law Specialists are ready to help you
Customer: replied 3 years ago.
How about monies in any account checking or otherwise that may have
been pulled out for expenses etc. Will they require statements from
trustee or creditors.
Expert:  Roger replied 3 years ago.
The trustee has a right to review those accounts as well.
Customer: replied 3 years ago.
How far can the trustee go back on records?
Expert:  Roger replied 3 years ago.
Up to 12 months.
Customer: replied 3 years ago.

Can both spouses claim Chapter 7 just based on business debt or
just debt % is so large a number that it could never be paid back?

Spouse 1: Meets the means test today but also has 14 million in
debts vs. 200K income potential with new job. I understand that
Chapter 7 is still an option if 50% or more is business debt which
it is.

Spouse 2: Does not want to claim bankruptcy now and wait. Fear is
that since the means test will not work as you noted earlier can
Spouse 2 qualify for Chapter 7 later because there would still be
3.5 million of the 14 million noted above that would still be
liable for Spouse 2.

Expert:  Roger replied 3 years ago.
The means test must be satisfied in order to be eligible to file.

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