A debt discharge is the goal of consumer debtors when they file bankruptcy. In Chapter 7, a discharge may not be available to everyone. To ensure that potential filers were not abusing the system, Congress created a Mean’s Test that debtors must “pass” in order to invoke Chapter 7 bankruptcy relief. When computing the Mean’s Test formula, there are several steps to determine whether a presumption of abuse arises. The first step is to compare the debtor’s annual income to the median income of the state in which they reside. The US Trustee website keeps track of government figures in this area. The applicable state median income will go up or down depending on the size of the debtor’s family.
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In a September 16, 2020 press release, the IRS offered Oregonians living in certain counties affected by the recent wildfires some breathing room from the upcoming October 15, 2020 deadline […]
The Bankruptcy Code is full of specific dollar limitations and allowances. These figures include dollar limits on eligibility for use of Chapter 13 and many other amounts, such as the […]
If your tax return is audited by the Oregon Department of Revenue, you will likely receive a Notice of Deficiency at the conclusion of the audit. If you receive a Notice of Deficiency or Notice of Assessment, or any other notice from the Department of Revenue, consult with an experienced tax attorney who understands the assessment and collection process and who will advocate on your behalf