Bankruptcy

Storm Preparation: Payment Advices

By Bill McLeod, Esq.

Since the 2005 Bankruptcy Act, debtors have had to gather and provide their attorneys more documentation. There are a variety of documents that debtors need to collect, but the class of documents that is often difficult to put one?s hands on at the last minute is pay stubs.

The 2005 Act required all debtors to complete a Means Test. In theory, the form was designed to help determine whether a bankruptcy filing was an abuse of the Bankruptcy Code. To properly complete the form, one of the first calculations needed is that of ?current monthly income? or CMI.

Full post as published by McLeod Law Offices on April 09, 2008 (boomark / email).