How does change in spouse's income effect Chapter 7 case? One spouse will continue working, the other will have a monthly pension check. How does this work? Can the pension check be used to pay back creditors if case is not accepted or is converted to a Chap 13 due to current salaries?
Chapter 7 bankruptcy is a form of bankruptcy where your debts are canceled, but some of your assets are sold to pay off part of your debt.
A bankruptcy means test is required for chapter 7 bankruptcy. A means test considers factors such as your income and size of your debt to determine eligibility.
by attorney Ronald Drescher
Thoughts from a Maryland Bankruptcy Attorney http://www.drescherlaw.com The "Means Test" is a test under the United States Bankruptcy Code to help... more