If you're looking to file bankruptcy online there are numerous changes to the new bankruptcy law you need to be aware of first. A large change has been named the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). The three areas it is currently affecting are the following:
1. Ticket In Section
2. Means Test Section
3. Ticket Out Section
Ticket In Section
This section involves going to credit counseling. This was not part of the previous law associated with bankruptcy from years past. You have to go to credit counseling a minimum of 6 months before you can apply for bankruptcy. As well, it must be done by an approved non-profit organization.
Business Bankruptcy Attorney, San Francisco Bankruptcy Lawyer, Bankruptcy Counseling,
Means Test Section
The bankruptcy court will evaluate your request and ultimately determine if you qualify for bankruptcy chapter 7. With the new law in place, they test your income in two areas. This is called a means test or means test section. They will test to see if you can pay 25 percent of your unsecured debt and commitments. This average will be based on your state's income average. If your income is above this 25% then you can not qualify for chapter 7 bankruptcy service. You will have to file a chapter 13 bankruptcy.
In some instances if you can pay 25% of your debt (unsecured) but your income is below the average for your state you may still be allowed to file chapter 7 bankruptcy. If it is believed that you are taking advantage of the situation the court can still rule against you. The new bill takes into consideration certain hardship cases.
Ticket Out Debtor Education
Under the new bill there is a ticket out section that requires you to take a class on financial education. Again, this must come from an authorized source and the United States Trustees Office approves the source. The court also determines under the new law what is fair living standard for your income level.
Rather than file for bankruptcy online I would suggest consulting your local attorney. The consult is typically free so you have nothing to lose and a wealth of knowledge to gain.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
Rating of Bankruptcy Lawyer Chicago
Get Online Application at online Bankruptcy Lawyer.
0 comments:
Post a Comment