Posted on: 01st Mar, 2010 03:12 am
Hi I had the assets of my business collapse last year and ran up about $60,000 in credit card debt trying to ride out the devaluation of the assets. The business then had to be liquidated but an outstanding farm loan is due FSA of $110,000. I have no assets but 2 vehicles which are probably pretty close to the exemption amount and a 403 b with a value of about $30,000. Right this moment I meat the means test for chapter 7 but I have been offered but not started work at a job which will put me way over. When is the means test applied when you file, when you discharge? Does chapter 13 make any sense or should I just try to negotiate.
As far as I know, the means test will apply when you file bankruptcy. It is the means test which will decide whether or not you would be able to file Chapter 7. I would suggest you to discuss your situation with your bankruptcy attorney and he would be able to guide you in a better way.