If you are going to file for Chapter 7 bankruptcy, you must take the “means test” first to prove that your case is not taking advantage of the system. Taking advantage of the system refers to filing Chapter 7 in order to erase all your debts EVEN THOUGH you have the ability to pay them off over time under a Chapter 13, which is more a repayment plan. If it is determined that your income is above a certain level during the means test, then you are expected to file a Chapter 13 bankruptcy, not a Chapter 7.
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Reuters is reporting that a leading credit card industry analyst believes that major credit card lenders plan to reduce lines of credit by over $2 trillion over the next 18 months. Consumer liquidity will decline by approximately 45% says Meredith Whitney a banking analyst for Oppenheimer & Company.
More on Credit Card Lines to Decline by 45% Say Credit Card Lenders
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A question we get frequently at our offices in Tampa and in Orlando has to do with the potential impact of a bankruptcy petition on a debtor's immigration status. Miami based immigration lawyer Michael Shane answers this question in a concise and well written article entitled "Effect of Bankruptcy on Naturalization Eligibility," which is published on the Lawyers.com web site.
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The Tampa Bay Business Journal reports that Florida Attorney General's Economic Crimes Division has launched an investigation or filed charges against 10 companies offering Floridians credit counseling, credit repair, credit card rate reduction services, and other debt relief services. This action by the Attorney General arose from more than 1400 complaints regarding debt relief companies who promised services that were not delivered.
More on Debt Relief Companies Under Investigation by Florida Attorney General
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Are you required to include all debts when you file for bankruptcy? Our office recently received the following question by email:
I would like to know if I can file a Chapter 13 on my home loan. I am overdue 2 months. I do not want to include credit card debt.
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