If you are considering applying for bankruptcy, perhaps you should think twice before revising the law before doing such a fierce measure. Bankruptcy laws have changed and you will notice that it is now more difficult than ever to apply for bankruptcy. To give you an overview of changes in the bankruptcy law, here are some of the most important issues that you should consider. Prior to
bankruptcy declarers could choose between two types of bankruptcy that would apply to them – Chapter 7 bankruptcy and Chapter 13 bankruptcy repayment. Most people choose Chapter 7 Bankruptcy Plans. Although you can still choose these two types under the new law, those who choose to bankrupt in Chapter 7 are now eligible to be restricted. Those with higher income are no longer eligible for Chapter 7 bankruptcy.
To know if you can still apply for Chapter 7 bankruptcy, you should first compare your monthly income with the median income of your family size, based on your state. If your income is less than or equal to the median, you still meet the criteria. Otherwise, you must pass the economic review, which is an additional requirement for Chapter 7 bankruptcy eligibility. Means tests are used to determine whether your disposable income is still available for payment in the Chapter 13 bankruptcy plan. Each state has a limit; if your income is lower than your state's limit, you can still apply for Chapter 7 bankruptcy.
Another change in the new bankruptcy law is advisory requirements. You must now accept credit counseling so that you can know if you really need a bankruptcy plan, or you can find other ways to solve your financial problems. This must be done before any bankruptcy plan takes place. At the end of your personal financial management case, you must also participate in another tutorial. The court needs proof of your participation in the consultation so that they can wipe out all your debts.
As for the bankruptcy of Chapter 13, it has also become complicated because people who belong to this plan not only have to hand over all the disposable income, but also calculate the amount of expenses they allow. This further exhausted the Chapter 13 bankruptcy filer’s funds. This is much more complicated than the old law of bankruptcy.Business Credit: No Personal Credit And No Personal Guarantee Our Business Credit Membership Provides Weekly Training,resources,vendor Credit Lines, Cash Credit Sources And Banking Contacts. Brand New High Converting Self Help/wealth Generation Success Package. How To Buy Commercial Real Estate With No Cash And No Credit! Birddogbot - Real Estate Deal-finding Solution For Investors (view mobile)! Fan Victor - The Ultimate Fantasy Sports Plug-in (view mobile)! Get Lifetime Commission Per Customer! Our $1 Trial + Live Support Is Converting Like Crazy! Learn To Speak The Hebrew That Really Matters Using Sound, Video And Text. Recurring Charge! 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