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Posted On: January 19, 2010 by Scott Sagaria

Valid Deductions for the Means Test when Filing Bankruptcy

A San Francisco Bankruptcy Attorney comments on dedecutions when filing for bankruptcy...

There are many questions that arise for San Francisco bankruptcy attorneys regarding what can be a valid deduction to be taken for the means test. Some of the bigger deductions that are usually taken are home mortgages and car payments. People often will borrow from their 401K and wonder if they are on the cusp of qualifying for a Chapter 7 bankruptcy if they can use this 401K deduction to pass the means test. Unfortunately, loan repayments to a 401k plan cannot be used as a budget expense on the means test for a Chapter 7 bankruptcy. In addition, a loan repayment to the 401K cannot be discharged either since this is essentially a loan to yourself. So any penalties for taking the 401K out early would still be paid back.

If you have questions regarding bankruptcy in San Francisco or bankruptcy in the greater Bay Area please contact our San Francisco Bankruptcy Attorneys at (415) 946-8882 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Francisco Bankruptcy Attorneys. After you have spoken with one of our Bay Area bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Bankruptcy Lawyers, Bankruptcy Customer Care Specialists and Bankuptcy staff supporting San Francisco and Bay Area consumers in debt can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Francisco Bay Area!

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Posted In: Creditors and Debt

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