To determine eligibility to apply for Chapter 7 bankruptcy, the basic factor is qualifying income under the test as described in 11 USC 707 (b) (2). Debtor's incomes are below the median of the Census Bureau, according to family size. Thus, the criterion resources is a two-pronged test:
The first component is the size of household, and the second component being the gross income of the debtor for six months preceding the bankruptcy filing.
DIS debts generally not covered in Chapter 7 bankruptcy include: taxes, child or payments family support, student loans [absent undue hardship], notes from circulation, government fines, accidents related to alcohol judgments, stop for a willful or malicious conduct resulting in bodily injury or death.
Debtors are required to submit a copy their transcripts recent tax the trustee before the meeting of creditors, 11. USC 341 (a). A copy of the transcript of tax may be obtained by the debtor by calling 1-800-829-1040 IRS and the debtor may even allow transcripts to be faxed directly to a lawyer. Counsel for the IRS online transcripts is 1-866-860-4259.
In California, they are certain exemptions that may be taken under California Code of Civil Procedure sections 703, 704. The exemptions allow a person to keep certain assets after bankruptcy. You must select a single set of exemptions. If the spouses have a joint statement, they must choose the same set of exemptions.
A bankruptcy attorney will review qualified your individual financial situation and determine if you qualify for Chapter 7 or need to file Chapter 13 bankruptcy.
Los Angeles Bankruptcy Law Monitor
The Law Office of Christine A. Wilton is a Federal Debt Relief Agency. We help people file for bankruptcy under the Bankruptcy Code. Our practice is limited to bankruptcy practice, Chapter 13 and Chapter 7 bankruptcies at this time.
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