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Comments Section The ``means test'' is a series of calculations that starts with totaling up all household income received in the six months before a bankruptcy case is filed, dividing by 6, multiplying by 12, then seeing if ``annualized income'' is over or under the state median for the household size.

Other objections might claim the plan is simply not realistic or workable. Common reasons for objections are these: The plan is not feasible — Here, the numbers don't add up. The debtor doesn't have sufficient income to make good on the promises to the creditors.

The bankruptcy trustee files a Form 1041 for the bankruptcy estate. However, when a debtor in a chapter 11 bankruptcy case remains a debtor-in-possession, the debtor must file both a Form 1040 or 1040-SR individual return and a Form 1041 estate return for the bankruptcy estate (if return filing requirements are met).

You can earn a high income and still pass the means test if you have substantial expenses like a hefty mortgage, multiple car payments, taxes, childcare, health care, or care of an elderly or disabled person. However, if your disposable income is more than a certain sum, you will not be able to file.

The voluntary petition will include standard information concerning the debtor's name(s), social security number or tax identification number, residence, location of principal assets (if a business), the debtor's plan or intention to file a plan, and a request for relief under the appropriate chapter of the Bankruptcy ...

No one can legally remove accurate information about bankruptcy from their credit report. However, under the Fair Credit Reporting Act, you can file a dispute with the credit bureau if the information on your report is inaccurate or incomplete.

Most bankruptcy cases pass through the bankruptcy process with little objection by creditors. Because the bankruptcy system is encoded into U.S. law and companies can prepare for some debts to discharge through it, creditors usually accept discharge and generally have little standing to contest it.

Under Federal Rules of Bankruptcy Procedure Rule 4004, a trustee or creditors have sixty (60) days after the first date set for the 341(a) Meeting of Creditors to file a complaint objecting to discharge.

To object to the debtor's discharge, a creditor must file a complaint in the bankruptcy court before the deadline set out in the notice. Filing a complaint starts a lawsuit referred to in bankruptcy as an "adversary proceeding."