Recent Changes In Chapter 7 Bankruptcy
There have been recent changes to the Chapter 7 bankruptcy United States code which is now restricting the eligibility of individuals who apply for this type of bankruptcy. According to the new revised laws, applicants can still choose the type of bankruptcy they wish to file for. In most individual cases who are filing for personal bankruptcy, this is Chapter 7 bankruptcy, otherwise known as the liquidation type.
The revised version of this law however states that individuals with higher incomes will not longer be able to apply for Chapter 7 bankruptcy. To determine whether your are in fact eligible, individuals are recommended to check how much income they earn, which can be done online through an online calculator.
Photo source amandabhslater