thelawz

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summary_of_law_for_bankruptcy_filing.php

© taberandrew

Bankruptcy laws changed in 2005 in three key ways. These changes are referred to as ticket in, means test, and ticket out.

Ticket in is a credit counseling session that the petitioner for the bankruptcy filing must attend six months prior to applying for bankruptcy. This must be conducted by a non-profit agency that's approved by the US Trustees office.

Means test determines whether you can file for chapter 7 bankruptcy. Your income is tested in a two-part means test that exempts certain expenses and also compares your income to your state's average. If your income is above average and you can pay 25% of your debt, you cannot file under chapter 7 but may be able to file chapter 13 instead.

Ticket out requires that you attend a debtor education class from an approved provider before your bankruptcy can be finalised.

This entry was posted on Wednesday, December 21st, 2011 at 5:47 pm and is filed under Chapter 7 Bankruptcy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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chapter_7_bankruptcy_a_tough_nut_to_crack.php

© HowardLake

If you though that owning a lot of debt that can't be repaid was the most important criteria for filling under chapter 7 bankruptcy, then better rethink. The parameters for a chapter 7 bankruptcy code became more stringent as a result of the 2005 ruling of the congress. Many attribute this ruling for the overhaul of the bankruptcy code.

In order to qualify for a chapter 7 bankruptcy filling, a person's income must be at or below the median income of the family. This of course depends on the size of the family and guidelines vary from state to state.
However, the business debt exception clause is very helpful to people filling under the chapter 7 bankruptcy. Under the business debt exception, if more that 50% of an individual's debts are related to his business, then he/she automatically qualifies for the chapter 7 bankruptcy.

This entry was posted on Wednesday, November 16th, 2011 at 5:25 pm and is filed under Chapter 7 Bankruptcy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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be_aware_of_the_changes_legally_about_personal_bankruptcy_filing.php

© NTLam

It is no surprise that the dread of such things as personal bankruptcy filing can be an awful experience which many individuals rather put off for as long as possible. However there are recent changes being made that individuals need to be aware of. These changes can effect the way submissions are provided as well as the other formalities involved when filing for bankruptcy. You can find out more about these changes online and seek professional guidance for more information.

This is where hiring an attorney can be a beneficial investment in the long run. Although most individuals who are filing for bankruptcy cannot afford an attorney, it is important to realize that there are limitations both perhaps in the individual's knowledge as well as what is provided to you online.

This entry was posted on Tuesday, September 20th, 2011 at 10:41 pm and is filed under Chapter 7 Bankruptcy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.