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Do I Pass the Chapter 7 Means Test?

Have Your Situation Reviewed by a Kansas City Bankruptcy Attorney Chapter 7 is a type of bankruptcy that allows you to discharge all or most of your unsecured debts while protecting your property from creditors. Not everyone is entitled to file for Chapter 7 bankruptcy, however. You must pass what is known as the Chapter 7 means test. The means test determines that your income levels are low enough to justify bankruptcy and looks at the amount of disposable income to pay unsecured debts. If you are unsure about any of the following criteria, speak with a bankruptcy lawyer near you to discover the best solution to your financial obstacles. Steps to the Chapter 7 Means Test There are two steps to the means test: Are you above or below your state’s median yearly income level for your type of household? In 2014, the median incomes for Missouri households were…
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Can My Company Stay in Business After a Chapter 11 Bankruptcy?

Our Kansas City Bankruptcy Attorney Explains Business Bankruptcy Filing for bankruptcy does not have to be the end of your company, in fact, in can be a fresh beginning. Although you should explore all of your options when deciding whether bankruptcy is the right choice for you, it is possible to get through a Chapter 11 bankruptcy and keep your company afloat. Saving your business can be a difficult process, and if you are considering how a bankruptcy may affect your company, learning more about the process may help your business become one of the many to emerge successfully from a Chapter 11 bankruptcy. How Can Chapter 11 Allow My Company to Remain in Business? Much of the appeal of Chapter 11 is that it can allow companies to stay in business while dealing with debt. Typically, Company officials continue to operate the company while following the rules required under…
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When Chapter 7 Bankruptcy May Be Better than Chapter 13

Not all bankruptcies are the same. There are significant differences between a Chapter 7 bankruptcy and a Chapter 13 bankruptcy. Depending on your financial situation, you may benefit more from a Chapter 7 filing. As always, consult an experienced Kansas City bankruptcy lawyer about which option suits your specific circumstances. The Advantages of a Chapter 7 Bankruptcy Not all debtors are eligible for a Chapter 7 bankruptcy. If your income is sufficient to fund a Chapter 13 repayment plan, you may not qualify for a Chapter 7. Those who do qualify for a Chapter 7 bankruptcy filing find that it is relatively quick, easy to file and effective, and it does not require a lengthy repayment plan. It only takes four to six months for the typical Chapter 7 case to go from being filed to discharged and close. The debtor emerges debt-free, except for certain nondischargeable debts, such as…
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Could Bankruptcy Help Local Businesses Survive the E-Commerce Boom?

Speak With a Kansas City Business Bankruptcy Attorney About Keeping Your Doors Open The internet has changed business as we know it. An increasing number of consumers shop online from a national market instead of at local Kansas City stores. While this has been a boost to some companies, others have struggled to keep up. A side effect of our society’s growing reliance on online retailers is that fewer people are physically visiting mom-and-pop shops or traditional brick-and-mortar stores. This means smaller, local stores often struggle to pay rent, overhead and staffing. How Much Are Online Retailers Cutting Into Local and Specialty Stores’ Sales? A recent USA Today article shined a light on the rapid growth of the e-commerce industry and how online retailers are taking an increasingly larger share of sales away from their brick-and-mortar rivals as a result. The piece highlights US retail sales from the last two…
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