Chapter 7 Bankruptcy Means Test For A Successful Filing

ebtors may be aware of the legal expertise of filing bankruptcy laws by bankruptcy attorneys and their fees. If your financial situation worries you about such attorney fees it would be better to find out more about companies like Bankruptcy Only who have a nationwide network of bankruptcy attorneys to assist you with your bankruptcy. You can easily talk to an attorney about when to file for bankruptcy by visiting online websites and apply a short quick form for legal help. You can get a free bankruptcy evaluation by having an attorney call on you.

What is Chapter 7 bankruptcy? Chapter 7 bankruptcy is the process of liquidation under the bankruptcy laws of the United States. It is most common in United States to deal with unsecured debts. According to the new Chapter 7 Bankruptcy Law an income greater than what the state’s median is suggests that you are capable of paying some of your unsecured debt, no matter what the amount of the total debt is.

The personal bankruptcy information requirements according to the new bankruptcy law for debtors to qualify for filing the chapter 7 bankruptcy aims to reduce abuse of the bankruptcy system. Everyone filing for bankruptcy must pass a Chapter 7 Bankruptcy Means Test. A means test is a test based on whether your net income is above or below the median income of the state you live in. This takes into consideration calculations of your expenses as exempted by the state and your income to determine whether you qualify to file a Chapter 7 or if you must convert to file a Chapter 13 bankruptcy.

There are many other changes in the new bankruptcy law which would pose an obstacle for a successful filing of a personal bankruptcy. Retaining an attorney to help you go through the bankruptcy process insures the proper paperwork and your documentation is in order and correct.

In a Chapter 7 bankruptcy Exemption, the individual is permitted to keep specific exempt property and most liens. The court can also decide that you have to file a Chapter 13 if a presumption of abuse arises. This is a valid reason to retain the services of an attorney to make sure that you are filing for the correct bankruptcy. Make sure that you are disclosing everything and have your attorney go over your income.
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