Reaffirmation is where you promise to keep owing debt. The reaffirmation process varies state to state, but generally, the reaffirmation process goes like this.
Means Test for Chapter 7 bankruptcy – Pass This Test Easily What is the bankruptcy means test? The bankruptcy means test is a document about... Read More
Statement of Intention is where you put yourself back on the hook to owe a debt that would otherwise be cleared in bankruptcy. But you don't get a free car.
Chapter 7 process is a template which can vary case to case. This is grossly over-simplified, but at least can provide a basic road map to where we're headed.
Chapter 13 is a debt consolidation plan where you pay a bankruptcy trustee. It's fixed payments for a fixed time. At the end, all unpaid debt is forgiven.
The median income limits for Chapter 7 bankruptcy means test were released and decide who can file Chapter 7 bankruptcy. These numbers will update again for California median income.