Planning Retirement Distributions To Qualify For Chapter 7

Withdrawals from your IRA or other tax deferred retirement accounts is part of income for purposes of calculating eligibility for Chapter 7 bankruptcy under the means test. Many debtors facing bankruptcy are using retirement income to survive financially, and some debtors over 70 ½ year of age are required to take minimum retirement distributions. Planning retirement distributions intelligently is important for bankruptcy qualification. Continue reading

Chapter 7 Means Test Interpreted Liberally By Court To Permit Debtors’ Expense Deductions For Three Cars

Car related expenses are important deductions in the means test analysis in Orlando bankruptcy cases. A debtor’s car expenses, including car payments and car operation expenses, often determine whether a prospective bankruptcy debtor passes a means test analysis for Chapter 7 bankruptcy eligibility. Continue reading