Divorce is hard. There's no way to make this emotionally challenging time a walk in the park, but there is one way to make it simpler: hire a good attorney. A divorce attorney can act as your go-between during the proceedings, which minimizes the contact you need to have with your ex-spouse. Overall, this can lead to fewer arguments and a settlement that is more fair for all parties involved. If you're on the brink of divorce, we think reading a little more about divorce attorneys on this blog will be helpful. That way, you are prepared for what is to come.
Going through a divorce can be one of the most challenging and emotionally draining experiences anyone ca
Divorce and custody battles are often one of the most stressful and emotional experiences a family can go
Divorce can be a difficult and emotionally draining process. Couples who are going through a divorce ofte
Child custody cases are emotionally charged as they involve questions about the safety, well-being, and u
Divorce is a challenging and emotional process, often accompanied by disagreements and disputes over vari
Those planning to file chapter 7 bankruptcy are likely interested in the potential for losing property. Theoretically, property and cash can be seized, sold, and used to pay off creditors. Very few filers end up losing property because the bankruptcy codes have measures in place to protect certain property. Many filers don't consider their income from jobs and other sources when it comes to bankruptcy – but they should. Read below and find out how the bankruptcy codes treat income from various sources when filing chapter 7.
Bankruptcy Exemptions in General
All filers in all states can use exemptions. Exemptions are specific items and dollar amounts that may be safe from seizure by the bankruptcy trustee for chapter 7 filers. For example, you might find an exemption for the family home, one vehicle, and wages earned from a job. Confusingly enough, every state has its own set of exemptions and what filers can keep vary widely. It's important for filers to know what their state's exemptions are before they take action. If you are unsure of what you can keep, your bankruptcy lawyer is well-versed in the bankruptcy exemptions of your state.
Wages and Bankruptcy Exemptions
Exemptions are a way of ensuring that bankruptcy filers are not left without means of existing. That means that wages, or at least a major portion of wages, are protected in all states. Florida, for example, allows chapter 7 filers to keep up to $750.00 a week of the head of the household's earnings. It should be noted that this type of calculation can get somewhat complicated when you take into account income earned but not paid until later. If you are expecting a payment after you file, be sure to let your lawyer know about it. Other income situations to bring to the lawyer's attention are:
Finally, all filers must pass the means test. This test is a calculation that compares your income with that of the median income in your state. If you make too much money, you may be able to use certain deductions to reduce your income so you can file. Speak to your bankruptcy lawyer to learn more.
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