Bankruptcy Law/Chapter 7

Advertisement

Expert: - 6/5/2009


Question
Hi Mark,
If I make around $70,000 a year gross, do I automatically flunk the means test for Chapter 7 or is there still a way I can qualify? There are 3 in my family, me, my wife and my seven year old daughter and I am around $53,000 in credit card debt. My wife filed for bankruptcy over 10 years ago before we were married. She too is in debt about $13,000 in her name that she just quit paying. Another question I have is, can filing for bankruptcy affect my security clearance?
Thanks,
Richard

Answer
No, you don't automatically flunk the means test.  You are probably above the median income for your area,  which means you have to go through the means test analysis to see if there is a presumption of abuse.  This takes 30-60 minutes for a competent bankruptcy attorney to do, assuming he/she has all the necessary and relevant information.

Bankruptcy Law

All Answers

Answers by Expert:

Ask Experts

Volunteer

Mark J. Markus- California Bankruptcy Attorney

Expertise

Mark J. Markus is a Los Angeles bankruptcy attorney who has practiced exclusively bankruptcy law in California since 1991 and is rated A+ by the Better Business Bureau and is AV-rated by Martindale-Hubbell. He represents debtors, creditors, and Trustees in Chapter 7, Chapter 11, and Chapter 13 of the bankruptcy code throughout California.

Experience

Visit our California bankruptcy webpage at http://www.bklaw.com for more information on bankruptcy in general and Mark J. Markus in particular. Many questions are answered on the web page (hint, hint).
The Markus webpage also contains more information on

  • Which Chapter to File,
  • business bankruptcy,
  • chapter 7 bankruptcy,
  • chapter 11 bankruptcy,
  • chapter 13 bankruptcy,
  • Do You Need a Lawyer to File Bankruptcy?
  • Frequently Asked Bankruptcy Questions

    Also visit our Los Angeles bankruptcy blog for interesting articles and much more.



    Organizations
    Central District Consumer Bankruptcy Attorneys Association (CDCBAA) Los Angeles County Bar Association (LACBA) Commercial Law & Bankruptcy Section of the Los Angeles County Bar Association Financial Lawyers Conference (FLC) National Association of Consumer Bankruptcy Attorneys (NACBA) Los Angeles Bankruptcy Forum (LABF) American Bankruptcy Institute (ABI) San Fernando Valley Bar Association (SFVBA)

    Publications
    Central District Consumer Bankruptcy Attorneys Association Newsletter September 2007 (Vol. 1, Issue 2)

    Education/Credentials
    J.D., University of Arizona 1990. B.A. Economics, California State University, Northridge 1986. For more details please click here

    Awards and Honors
    AV Rated by Martindale-Hubbell (http://www.martindale.com) A+ Rated by Better Business Bureau

    • ©2012 About.com, a part of The New York Times Company. All rights reserved.