CAN I MAKE TOO MUCH MONEY FOR CHAPTER 7 BANKRUPTCY?

The federal bankruptcy statute governs all personal and commercial bankruptcies.  According to the statute, you have to "qualify" for a Chapter 7 bankruptcy.  There is a maximum household income level based on the amount of people living in your household.  Additionally, even if you are below that income level, if you have too much disposable income, measured as income minus necessary monthly expenses, the trustee can contest your discharge as an abuse.  In this case, a hearing could be held.

www.westmontattorneys.com/Bankruptcy/

CAN TENANCY BY THE ENTIRETY PROTECT MY HOUSE?

In Illinois, there are several ways to take title when more than one person owns real estate.  Generally, primary residences of married couples are owned through tenancy by the entirety, which offers certain benefits, including additional protection from creditors.  In general, if one spouse is filing bankruptcy, and the property has been owned through tenancy by the entirety since before the "look-back" period, then any equity in the property would be protected and exempt.  However, if both spouses file bankruptcy, or if the property has not been owned in this manner, any equity above the state exemption level could be at risk of seizure by the trustee.  Talk to one of our bankruptcy attorneys for additional information about protecting the equity in your house.

http://www.westmontattorneys.com/Bankruptcy/