When you go to file bankruptcy, the court considers your income to determine whether or not you qualify for a Chapter 7 bankruptcy, and in the case of filing a Chapter 13 bankruptcy, to determine the amount of your monthly payments. Obvious income would be wages earned from employment, self-employment income, social security and child […]
Social Security Income
Are Food Stamps Considered Income in Bankruptcy Filings?
Wait a second…I have to qualify to file bankruptcy? Isn’t it enough that I just simply cannot pay my bills? How do I determine whether or not I would qualify? The answer is simple enough: the Means Test. What is the Means Test you might ask? The Means Test is a formula used to determine […]
The short answer is yes, you can still receive Social Security benefits if you are to file bankruptcy. Whether filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy, your social security benefits are not affected by filing for bankruptcy. Impact on the Means Test North Carolina bankruptcy laws are based upon the qualifications of the […]