how to file bankruptcyIncome is money that you make. And more.
When we look at the means test, we begin with a discussion of your income averaged out over the past six months.
If you’re married and living together, we look to your spouse’s income as well.
It’s all part of the quest to determine how much has come into your household.
The shameful part is that it’s not a straight line from paycheck to income.
Why Your Spouse’s Income Matters
Most of my married clients balk at the notion that their spouse’s income needs to be involved in the means test. After all, the reasoning goes, their money is theirs and not mine. If the marriage ends, the spouse gets to walk away wit his or her money.
The law reasons that there is a single household, and into that household comes money from both spouse. It’s all got to be counted so we can determine if the household is making enough to support some form of debt repayment.
It makes logical sense, after all. If your rent is $1,500 per month and your spouse contributes enough money to pay it, that’s less money you need to spend each month.

(posted 9 hours 9 min ago)

GraduationBankruptcy can help in a lot of ways.  One less well-known benefit is to free up a copy of a college transcript to use for employment or future school applications, when you can’t afford to pay the college back right now.
As of 2013, Americans owe more in student loan debt than credit cards.  And a growing portion of that debt is in default.  In some cases, your former college will be a servicer of those loans for a state lender.  Or the college is owed money from some other account, like room and board or part of tuition.  In those cases, the college will sometimes hold the transcript hostage to satisfaction of the debt or at least reasonable payment arrangements.

Bankruptcy Law Network
(posted 11 hours 9 min ago)

Ever wonder how a potato chip is made?  We have!  And, NPR has produced a video to quench our desire to know how that light, crispy taste is created.  An American legend, the potato chip has transformed and taken on new flavors throughout the years, but the secrets to production remain the same. 
To watch the short video, click here.

(posted 15 hours 18 min ago)

Pretty soon electric cars will rule the ride.  Or at least, it is looking that way for Tesla, one of the few electric car manufacturers.  Tesla recently reported that sales are up 83% from last quarter, resulting in nearly $562 million in sales. 
Tesla stock is up 31% as it happily announces its first quarterly profit in ten years.  With a profit of $15 million, Tesla will continue to grow its development and have reported its new vehicle to be an affordable option for the mass market. 
Tesla currently has 34 stores and galleries around the world where buyers can visit to view the car.  As expected from current growth, 15 new stores are planned to open in 2013.

(posted 15 hours 28 min ago)

One of the foremost professionals in the corporate renewal industry, Mr. Allison has served as a corporate officer or key advisor in some of the world’s largest and most complex turnarounds.
Mr. Allison recently retired as Executive Vice President and Senior Managing Director of Mesirow Financial Inc., where he was a member of its executive leadership team and was responsible for Mesirow Financial Consulting’s interim management, debtor, and restructuring capabilities on national basis. Mr. Allison’s many accomplishments include being a Fellow in the American College of Bankruptcy, a founder and former Chairman of the Association for Certified Turnaround Professionals, and past Chairman of the Turnaround Management Association (TMA),
As a senior advisor to DailyDAC, Allison will help guide the direction and growth of DailyDAC LLC.

(posted 15 hours 43 min ago)

federal student loan bill 2013Is Washington poised to turn federal student loans into the new adjustable rate mortgage?
On July 1, 2013 rates for new federal student loans will double to 6.8 percent, from 3.4 percent.
Washington is, understandably, a little anxious to change the law to provide for a better solution. A failure to do so will put millions of student loan borrowers in jeopardy, which in turn raises the possibility of more student loan defaults.
So in a fit of pre-recession thinking, the House of Representatives on May 23, 2013 passed a bill that lowered those rates.
For now, that is.
The bill, if passed, will tie federal student loan interest rates to the yield on 10-year treasury bills. Lower treasury bill yields translate into lower federal student loan interest rates, but as those yield creep higher so will the student loan payments.
Though that would take the problem out of the hands of the political machine, it smacks of 2006.

(posted 20 hours 34 min ago)

The Texas company that once held the license to sell the Zerona fat-melting laser machines, which offers incision-free liposuction in the offices of cosmetic surgeons, has filed for bankruptcy protection to try to keep its grip on its recently terminated licensing agreement with the laser’s manufacturer.
Primcogent Solutions LLC filed for Chapter 11 protection on Monday, claiming that the laser’s manufacturer misled company officials into thinking that roughly 600 lasers were out in the market and generating revenue when the two groups entered into a licensing and distribution deal in late 2011.
Primcogent later found that about 200 of those Zerona lasers, which have made the rounds on daytime television on the Rachael Ray and Dr.Oz shows, were not generating revenue, according to papers filed with the U.S. Bankruptcy Court in Fort Worth, Texas.
Some of the lasers were still being demoed by doctors who melted a patient’s fat cells by pointing thin, red beams at a their waist, hips and thighs. (In euphemized industry-speak, the fat-liquefying procedure is referred to as “body contouring,” and it typically costs $1,500.)

WSJ.com: Bankruptcy Beat
(posted 21 hours 15 min ago)

This week on The Broke and the Beautiful, Sinbad is in bankruptcy, and Joe Francis is mad at the jury that convicted him of assault. Also, the IRS wants to resolve Dionne Warwick’s unpaid taxes.

WSJ.com: Bankruptcy Beat
(posted 22 hours 1 min ago)

When It Is Best to Wait to File BankruptcyBankruptcy is one of the most powerful tools consumers can utilize to regain financial control.  When considering this option you should get a clear idea as to how it can help improve your situation.  It may help you eliminate qualifying debt obligations while helping you reestablish others.  Plus, depending on your situation one chapter may [...]

AllmandLaw
(posted 22 hours 2 min ago)

A recap of the informed opinions (and the discussions they generated) on BankThink this week.

BankThink
(posted 22 hours 58 min ago)