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New Bankruptcy Laws
Due to the high incidence of bankruptcy fraud and abuse, new bankruptcy laws have been enacted. It is important that if you are planning on filing bankruptcy that you seek the advice and counsel of a bankruptcy attorney. This way you can ensure that you are staying within the confines of the law.
When a person files for bankruptcy they are generally under a lot of stress and tension. They have undergone significant financial setbacks and have been faced with the possibility of losing their vehicles, possessions, and possibly their home. Bankruptcy serves as a last resort for those who risk losing everything. Because there is so much at stake during a bankruptcy case, it is imperative that only an experienced attorney handles your case. You should also make certain that the attorney you choose is familiar and experienced with the new bankruptcy laws and has a clear understanding of how bankruptcy can best meet your financial needs.
The new bankruptcy law determines what Chapter you will file for. To determine if you are eligible to file for Chapter 7 or Chapter 13 Bankruptcy, the new law includes what is referred to as the Means Test. Those, whose incomes are determined by the Means Test to be in excess of the limits, will not be eligible for Chapter 7 but will file for Chapter 13 instead. This new law helps to prevent people from filing for Chapter 7 bankruptcy and having all of their debts discharged when they can afford to make payment arrangements to their creditors.
Additionally, the new bankruptcy laws make certain that everyone who files for bankruptcy must take pre credit counseling beforehand. The courses also help ensure that individuals will have full training on how to run a budget and manage their finances. This is an attempt at deterring futures financial issues and preventing additional bankruptcies.
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Due to the high incidence of bankruptcy fraud and abuse, new bankruptcy laws have been enacted. It is important that if you are planning on filing bankruptcy that you seek the advice and counsel of a bankruptcy attorney. This way you can ensure that you are staying within the confines of the law.
When a person files for bankruptcy they are generally under a lot of stress and tension. They have undergone significant financial setbacks and have been faced with the possibility of losing their vehicles, possessions, and possibly their home. Bankruptcy serves as a last resort for those who risk losing everything. Because there is so much at stake during a bankruptcy case, it is imperative that only an experienced attorney handles your case. You should also make certain that the attorney you choose is familiar and experienced with the new bankruptcy laws and has a clear understanding of how bankruptcy can best meet your financial needs.
The new bankruptcy law determines what Chapter you will file for. To determine if you are eligible to file for Chapter 7 or Chapter 13 Bankruptcy, the new law includes what is referred to as the Means Test. Those, whose incomes are determined by the Means Test to be in excess of the limits, will not be eligible for Chapter 7 but will file for Chapter 13 instead. This new law helps to prevent people from filing for Chapter 7 bankruptcy and having all of their debts discharged when they can afford to make payment arrangements to their creditors.
Additionally, the new bankruptcy laws make certain that everyone who files for bankruptcy must take pre credit counseling beforehand. The courses also help ensure that individuals will have full training on how to run a budget and manage their finances. This is an attempt at deterring futures financial issues and preventing additional bankruptcies.
Need a professional lawyer? Just enter your zip code and find the one nearest you!
We've compiled the most comprehensive database of local lawyers and attorneys throughout the country and we'll show you the ones that are closest to you.
Thank you for visiting eLocalLawyers.com and we hope you find this information helpful.