Recent Supreme Court decision, Ransom v FIA Card Services, reminds consumer debtors and their attorneys to watch how they calculate their deductions for the “means test”! A debtor in bankruptcy who owns a vehicle and does not have a loan or lease payments may not deduct the expense of having that vehicle for purposes of calculating eligibility for a chapter 7 bankruptcy or for determining a debtor’s payment obligations in a chapter 13 plan.
When you retain our firm you will receive all the information and assistance you need to make sure your bankruptcy petition is fully compliant with the current laws!
Check out the opinion at:
https://www.supremecourt.gov/opinions/10pdf/09-907.pdf
