The bankruptcy means test is an important aspect to understanding which chapter filing of bankruptcy is most likely to fit your particular situation. This test determines the income level—the “financial means”—of any individual seeking to file bankruptcy. The means test formula was originally designed to ensure high-income earners file Chapter 13. It is also now used to determine if your income is low enough to qualify you for filing Chapter 7 bankruptcy.
How Does the Test Work?
Do you have enough monthly disposable income after paying your expenses in order to pay back your […]
If you are considering filing for bankruptcy while also paying or owing child support, it’s vital that you know how this financial obligation affects the bankruptcy process. The courts consider child support to be a priority debt, and so it doesn’t qualify for discharge in bankruptcy. Because of this, if you complete your bankruptcy case and receive a discharge, you are still responsible for your back child support payments.
Child Support Takes Precedence Over Other Types of Debt
Bankruptcy and child support are complex issues. It’s important to understand that priority debts are […]
The stigma around filing bankruptcy is widespread, and many people are afraid of the process because of it. With the right attorney and understanding on your side, bankruptcy is not something to fear. If you are struggling with a significant financial burden, it may be the right decision to help you get ahead of your debt.
There are many myths surrounding bankruptcy that cause people to view it negatively. They arise from misunderstands and lack of education on the topic. We at Parker & DuFresne want you to be gain enough knowledge about […]
Bankruptcy can be a frustrating and messy process if not handled correctly. Hiring an experienced attorney can make the process significantly easier and help ensure you receive the best financial outcome. The success rate of a bankruptcy case without legal counsel is extremely low when compared to the success rate with legal representation. Attorneys can notice right away if there are any issues, and work with you to resolve them quickly. They help you determine what kind of bankruptcy you should file, assist during your case, and continue to work with […]
When filing for bankruptcy, it is vital to protect yourself from bill collectors. As soon as you file, an immediate court order called the automatic stay goes into effect. This stops most civil lawsuits and collection actions against your property by a creditor. There are certain situations where an automatic stay may be able to help, such as foreclosure or having wages garnished.
If you are late on paying your bills, and the utility companies are about to turn off your services, an automatic stay may be able to postpone this […]
A lot of people would like to know if they are still eligible to receive a tax refund if they have already filed for bankruptcy. The good news is, you are! If you have filed your taxes properly and are owed a refund, you can still expect that refund. However, there are a few exceptions.
Internal Revenue Service and Bankruptcy
For example, if you owe the Internal Revenue Service, only then will the IRS keep your tax refund. Your return will be used to help pay down your debt. It is important to remember tax debts are not […]
One of the most unsettling decisions to make is whether or not to terminate your marriage. The idea of divorce is frightening and affects the entire family. If you are weighing your options, seek the help of an experienced attorney. There are laws put in place to help support your family’s livelihood by compensation from the spouse through alimony. However, alimony laws are different in each state. Florida alimony options are listed below.
Alimony Options in Florida
Permanent Periodic Alimony. Depending on your circumstances, for a marriage lasting longer than 16-17 years, permanent alimony may be […]
There are many different reasons you may consider filing for bankruptcy. If you find yourself struggling with considerable medical, credit card, or mortgage debt, or have been hit hard by a failed business venture, you may feel the pressure to act quickly. Bankruptcy can be a great financial tool, but it is important to know all your options before filing. If your debt is becoming too much to handle, carefully weigh your options with an experienced bankruptcy attorney. Your decision to file should be expertly guided.
Reasons to File Bankruptcy
If you are in danger of […]
Bankruptcy can be a powerful tool for debt relief. If considering bankruptcy, but you receive Social Security benefits, there are some things you might want to be aware of. According to federal law, Social Security benefits are exempt in bankruptcy cases. Both the Social Security Administration as well as bankruptcy courts uphold this. However, there are some situations in which your benefits may be affected.
Chapter 7 vs Chapter 13 Bankruptcy
Chapter 7 and Chapter 13 bankruptcy have different but equally valuable uses, depending on your situation. Social Security also relates to them differently.
If a couple has children, the Florida courts will ensure that their financial needs are met to the best of the parents’ abilities. Child support pays for things like food, health care, and shelter. You might be wondering about how child support is determined in Florida. This article provides a brief overview of what to expect. If you are looking for an experienced child support attorney in Jacksonville, call Parker & DuFresne today to set up a free consultation.
An Overview of Child Support in Florida
Raising children is expensive. When funds […]