When you file for bankruptcy, the court looks at your monthly income. However, they determine that monthly income by averaging it over the past six months. The court then subjects that average monthly income to the means test , an examination that prevents individuals with a higher than average income from using Chapter 7 bankruptcy.
Filing bankruptcy can help a person by discarding debt or making a plan to repay debts. A bankruptcy case normally begins when the debtor files a petition with the bankruptcy court. A petition may be filed by an individual, by spouses together, or by a corporation or other entity.
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On Oct. 4, 2019, the Briarcliff, N.Y.-based company filed for bankruptcy protection, with Constellation to take over its.
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Chapter 7 bankruptcy is designed to relieve you of unsecured debts, such as medical expenses. There is no rule that requires you to use a lawyer to file a petition. You can do the filing yourself, which is called "pro se," but we recommend that you do your research first. A pro se filing makes more [.]
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Filing for bankruptcy can feel like admitting defeat. However, it can potentially serve as a means to recover from problems that would be unsolvable otherwise. While there are negative elements involved in filing for bankruptcy, make sure to consider if it’s the right thing to do for you and your family.
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NEW YORK (CBSNewYork) – A store chain that’s been a fixture in many shopping malls has filed for bankruptcy. On Sunday, the.