The New Bankruptcy Law
Title:
The New Bankruptcy Law
Word Count:
920
Summary:
With the new bankruptcy law in effect as of October 17, 2005, there is a lot of confusion with
Keywords:
new bankruptcy law,means test,median income,chapter 13,chapter 7
Article Body:
With the new bankruptcy law in effect as of October 17, 2005, there is a lot of confusion with
When most people think of bankruptcy, they think in terms of Chapter 7, where the unsecured de
Prior to the advent of the "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005,"
To apply the means test, the courts will look at the debtor’s average income for the 6 months
This is where it gets a little bit trickier. The next step in the calculation takes income les
If the income available for debt repayment over that 5-year period is $10,000 or more, then Ch
What happens if you are above the median income but do NOT have at least $166.67 per month to
In other words, let’s say your income is above the median, your debt is $50,000, and you only
To sum up, first figure out whether you are above or below the median income for your state (m
Now, in these examples, I have ignored a very important aspect of the new bankruptcy law. As s
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The New Bankruptcy Law
Word Count:
920
Summary:
With the new bankruptcy law in effect as of October 17, 2005, there is a lot of confusion with
Keywords:
new bankruptcy law,means test,median income,chapter 13,chapter 7
Article Body:
With the new bankruptcy law in effect as of October 17, 2005, there is a lot of confusion with
When most people think of bankruptcy, they think in terms of Chapter 7, where the unsecured de
Prior to the advent of the "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005,"
To apply the means test, the courts will look at the debtor’s average income for the 6 months
This is where it gets a little bit trickier. The next step in the calculation takes income les
If the income available for debt repayment over that 5-year period is $10,000 or more, then Ch
What happens if you are above the median income but do NOT have at least $166.67 per month to
In other words, let’s say your income is above the median, your debt is $50,000, and you only
To sum up, first figure out whether you are above or below the median income for your state (m
Now, in these examples, I have ignored a very important aspect of the new bankruptcy law. As s
This is a demo version of txt2pdf v.10.1
Developed by SANFACE Software http://www.sanface.com/
Available at http://www.sanface.com/txt2pdf.html