Using The Law To Make Your Life Better

January 2019 Archives

David Sexton

What do you need to know about the "means test" and bankruptcy?

Many of our readers in Tennessee have heard the phrase "Ask and you shall receive," but that doesn't necessarily apply when it comes to filing for bankruptcy. Under the requirements of Chapter 7 bankruptcy - also known as a liquidation bankruptcy - a potential filer must pass a "means test." So, what do our readers need to know about the means test when they are contemplating the pros and cons of filing for bankruptcy?

Understanding exemptions in bankruptcy is crucial

Chapter 7 bankruptcy has helped millions of Americans address overwhelming debt burdens, including many people in Tennessee. Regardless of how a person's financial situation spiraled out of control, filing for bankruptcy is an option that can help Tennessee residents get themselves on a better financial path in life. However, understanding the details of a bankruptcy filing is crucial, including how exemptions come into play in the bankruptcy process.

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