How are unexpected expenses handled in the means test? When you file for chapter 7 or 13, when it comes to your disposable income, why would they consider that if you have some left over you should hand everything over to your creditors? They don’t think that maybe, just maybe some unexpected expense might pop up and you might need some of the disposable income to pay for that? Examples of unexpected expenses: Car problems, medical problems, fines or traffic tickets, taxes, driver license or car registration renewals, cell phone repair, apartment repairs, emergency travel, etc
You can usually keep your vehicle when filing for Chapter 7 bankruptcy. You can learn more here: www.oflaherty-law.com/learn-about-law/if-i-file-for-bankruptcy-can-i-keep-my-house-and-cars
Very well explained and great information
Thanks for your positive feedback, Aroldo! Please feel free to subscribe if you haven't already. - Kevin O'Flaherty
How are unexpected expenses handled in the means test?
When you file for chapter 7 or 13, when it comes to your disposable income, why would they consider that if you have some left over you should hand everything over to your creditors?
They don’t think that maybe, just maybe some unexpected expense might pop up and you might need some of the disposable income to pay for that?
Examples of unexpected expenses:
Car problems, medical problems, fines or traffic tickets, taxes, driver license or car registration renewals, cell phone repair, apartment repairs, emergency travel, etc
What happens if I want to keep my vehicle 🚗 would I be able to file chapter 7?
You can usually keep your vehicle when filing for Chapter 7 bankruptcy. You can learn more here: www.oflaherty-law.com/learn-about-law/if-i-file-for-bankruptcy-can-i-keep-my-house-and-cars