Law Offices of Andre S. Boghosian

Who Can File for Bankruptcy ?

The term “bankruptcy” itself is defined as being financially unable to pay one’s debts as they become due, or to have more debts than assets.

When to consider bankruptcy?

Loans, Home, Car, Hospital bills, Legal judgment, IRS problems, Debts

Are you eligible?

http://irs.gov/businesses/small/article/o,,id=1-4696,00.html

List of your creditors and collections

List of your property

What is Chapter 7?

http://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyBaiscs/Chapter7.aspx

The Counseling Requirement

http://www.clearpointfinancialsolutions.org/

Median Income and Means Test

http://www.census.gov/hhes/www/income/data/statemedian/index/html.

Calculate your total monthly income

Subtract allowable IRS expense amounts

Subtract secured and priority debt payments to see what you would have left over each month.

Find out whether you have enough left to pay other debts

Bankruptcy vs. other credit fixes

Credit Counseling, Loan Modification, Debt Consolidation, Debt Settlement

Filing costs, fees, and forms

http://www.caeb.uscourts.gov/

http://www.uscourts.gov/FormsAndFees/Forms/BankruptcyForms.aspx

Life after Bankruptcy, Repairing your credit history, Getting a Job, Managing your credit and other Bankruptcy Instructions

www.annualcreditreport.com

www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm

https://makinghomesaffordable.gov

www.nfc.org

www.usdoj.gov/ust/eo/bapcpa/ccde/cc_approved.htm

www.lsc.gov

www.usdoj.gov/ust/eo/bapcpa/20090315/bci_data/ch13_exp_mult.htm

Trustee Website

www.usdoj.gov/ust/eo/bapcpa/ccde/de_approved.htm

Subtract Allowable IRS Expense Amount

www.irs.gov/business/small/article/0,,id=104627,00.html

Calculate Your Net Monthly Income

Subtract Secured and Priority Payments

First, calculate a monthly payment for secured debts:

Now total all your secured payments you owe over the next five years and divide that by 60 to determine how much you would have to pay on these debts each month for the next five years.

The Calculation would be as follows:

Now total all arrearages and divide that number by 60 to get a monthly amount you would need to pay off all or arrearages.

Now calculate your priority debts:

Total all your priority debts and divide that number by 60 to determine how much you would need each month to pay off your priority debts.

This is your monthly payment for your priority debts. Next, calculate your total for your monthly secured and priority debts:

Now you need to calculate your monthly disposable income. Start with the number you calculated in Step 2 – Net Income after allowable expenses. You need to do this step only if your net income is above $110

To calculate your monthly disposable income, do this:

Monthly disposable income $______________________ x 60 =

This is your disposable income for five years. You will need this number as we calculate your income available to pay off debt. Next, add up your unsecured, nonpriority debts:

Common Questions:

You Can Discharge:

1. Bank Credit Card
2. Department and other retail store credit cards
3. doctor and hospital bills
4. loan balance due on loan deficiencies, such as money still due on a car that was repossessed or a home that was lost on foreclosure
5. mail-order and catalog purchases
6. most lawsuit judgments
7. personal loans
8. obligations under leases and contracts
9. utility bills

You Cannot Discharge the Following Debts:

1. Back child support and alimony
2. court-imposed fines and restitution
3. Debts you owe because of a civil judgment from willful malicious acts or for personal injuries or death caused by your drunk driving
4. recent back taxes
5. student loans
6. unfiled taxes