High Income and Expensive Real Estate Still Okay for Chapter 7

We often hear the phrases “I make too much money to file bankruptcy,” or “I have too much property to file for bankrutpcy.”  These myths are often untrue.  Recently, the San Diego Bankruptcy Court allowed debtors with income of $14,500 per month and over $8000.00 in housing expenses related to their “McMansion” to receive a […]

Ninth Rules No More Ownership Expenses Allowed on Debt-Free Vehicles.

On August 14, 2009, the Ninth Circuit issued its decision in the Ransom case, denying ownership deductions on the means test to debtors who have vehicles but no vehicle payments.  Nevertheless, such an adverse decision can usually be circumvented by most competent bankruptcy attorneys. Stay tuned, more on this blog to be published soon! Written by Michael […]

Bankruptcy Payments in San Diego Chapter 13 Cases:

Clients are often confused as to exactly how much money they need to pay into their chapter 13 plan before they receive a discharge, and for good reason. Calculating the total “pot” that needs to be paid in the chapter 13 plan for discharge involves many different variables:Type of Debt in the Bankruptcy, Results of […]

Nation Guard or Military Reserve? NO MEANS TESTING!

Good news.  Legislation enacted December 19, 2008, has recently exempted most National Guard and Military Reserve from the means testing requirements in filing for bankruptcy protection!  Stay tuned, more on this blog to be published soon. Written by Michael G. Doan– Owner of the Carlsbad Bankruptcy Attorney office, Michael not only manages his business, but is also […]

Can I Make A Million Dollars A Year And Still File For Chapter 7 Relief?

As usual, the Attorney always will say “it depends.” But yes, it is possible. It all depends on the type of debt you have. Generally speaking, debts scheduled in bankruptcy proceedings are either considered consumer debts or non-consumer debts. If you can prove more than ½ your debts are non-consumer debts, it doesn’t matter how […]