Bankruptcy Attorney David Nelson
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Bankruptcy Means Test is the Chapter 7 Qualification Test. However, if you do not qualify for a 7, it is also used to determine the amount of your chapter 13 plan payment. Additionally, it determines the duration of you chapter 13 plan.
If your income is above the median income your chapter 13 payment plan must last for 5 years.
You may be able to strip your 2nd mortgage or home equity line of credit, Heloc, off of your home in a Chapter 13.
If you’re like most of us, you’re planning to retire on your 401k or other similar Retirement plan. And you’re wondering if Walmart and McDonalds will have too many “senior” team members when you get there.
Updated on June 13th, 2018.
While it is true that you may be able to strip these off of your home in a Chapter 13, in a Chapter 7, you may still be able to effectively ignore it (for a while) and keep your home.