Atlas Law Firm

Category: General Blog


U.S. Trustee Releases Means Test Numbers To Be Used For Chapter 7 Qualification

The U.S. Trustee’s Office has released the latest numbers for Median Family Income Based on State/ Territory and Family Size which are used in the means test qualification for Chapter 7 bankruptcy. These median income numbers are to be used in all consumer Chapter 7 bankruptcies filed after November 15, 2014. Download Full Image Attached are the latest Median Family Income numbers that have been released by the U.S. Trustee’s Office. In order to determine if an individual or couple qualifies for chapter 7 bankruptcy, the means test estimates gross annual income based on the past six months of gross… Read More

Rebuilding Credit After Bankruptcy

This is a helpful guide for the steps to take when building your credit score. Credit Report Information Graphic Originally seen on http://www.yourwealthpuzzle.com/improve-credit-score-report/.

New Study Finds High Debt Can Be Hazardous To Your Health

As reported in Phys.org, a new Northwestern Medicine® study, recently published in Social Science and Medicine, has found that high financial debt is associated with higher blood pressure which can put one at increased risk for hypertension and stroke. “We now live in a debt-fueled economy,” said Elizabeth Sweet, lead author of the study. “Since the 1980s American household debt has tripled. It’s important to understand the health consequences associated with debt.” Researchers used data from the National Longitudinal Study of Adolescent Health for 8,400 young adults, ages 24 to 32 years old. The study found that 20 percent of… Read More

Common Questions About Chapter 7 Bankruptcy

Filing for bankruptcy is an important decision, so those considering seeking protection should thoroughly understand how it works. Here are some common questions Minnesota residents have about Chapter 7 bankruptcy. Filing for bankruptcy is an important decision, so those considering seeking protection should thoroughly understand how it works. Here are some common questions Minnesota residents have about Chapter 7 bankruptcy: Am I eligible to file for Chapter 7 bankruptcy? In order to find out, you must take a means test, which calculates the past six months of gross income. If the total is lower than the median income of a… Read More

Woman Who Filed For Bankruptcy Says Debt Relief “Feels Great”

“For anyone looking to file for bankruptcy, this is a good choice,” wrote Rachel. “It helps relieve you of your debt and the heavy burden on your shoulders. If you find yourself in a hole digging deeper into debt, this will get you out of it.” Sometimes when people are young, they make poor monetary choices that lead to financial distress down the road. If this sounds familiar to you, it's important to realize that there are options available that will help relieve you of debt you may have accrued over the years. Rachel from Washington shared her story with… Read More

Cancer Patients More Than Twice As Likely To File For Bankruptcy, Says Study

According to the data, individuals who have cancer are 2.65 times more likely to to file for bankruptcy than those who aren’t faced with this terrible affliction. In recent weeks, we've focused on the the link between medical treatment and bankruptcy, examining research that suggests that people may opt out of potentially life-saving care so as not to add onto the debt they already have. It has been documented that medical treatment is one of the most common reasons that people file for bankruptcy, says Washington-based KUOW Public Radio, but a recent study from the Fred Hutchinson Cancer Research Center… Read More

Filing For Bankruptcy Helped A Missouri Woman Keep Her Home

In an article featured on USA Bankruptcy Guide, a website designed to be a resource for people who are considering filing for bankruptcy, Tammy from Missouri wrote about how she filed for Chapter 7 bankruptcy in February 2005 after realizing that she had fallen into debt and was at risk of losing her house. One of the most common misconceptions about bankruptcy is that individuals who file for it will lose their valuable possessions, including their car, household goods and even their home. However, the truth is that the purpose of bankruptcy is to give people a fresh start, and… Read More

Bankruptcy can help you regain financial stability if you lose your job

In an article featured on USA Bankruptcy Guide, an online resource for people who are considering filing for bankruptcy, Roy from Florida shared his story about how bankruptcy helped him get back on his feet after he was laid off. Sometimes, no matter how good you are at managing your finances, an unexpected event can occur, leaving you struggling to make ends meet. Over the past several years, many people in the United States have lost their jobs due to the Great Recession. In these cases, it can be difficult to find employment again, and as such, it becomes easy… Read More

If unexpected medical bills have left you in debt, filing for bankruptcy in MN may be your best option

After falling into debt due to a number of medical bills, Richard and his wife filed for bankruptcy in 2008 – a decision that he acknowledged felt like a last resort at the time. Just like many people, Richard had common misconceptions about bankruptcy. No matter how well off an individual is financially, an unexpected medical diagnosis can cause hospital bills to add up quickly. This is precisely what happened to a Florida resident named Richard, according to a piece he wrote for USA Bankruptcy Guide, an online resource for individuals considering a filing. After falling into debt due to… Read More

Debunking common myths about bankruptcy

There are a lot of myths about bankruptcy that simply aren’t true. In this post, we’ll focus on debunking a few of them. When many people hear the word “bankruptcy,” they are prone to make inaccurate assumptions about this financial decision based on the negative stigma surrounding it. However, any bankruptcy attorney will tell you that the horror stories you've heard aren't necessarily grounded in reality. In other words, there are a lot of myths about bankruptcy that simply aren't true. In this post, we'll focus on debunking a few of them: Everyone will find out – While any court… Read More