What are the new laws for Bankruptcy?
Answers:
Among its many changes to consumer bankruptcy law, BAPCPA enacted a "means test," which has made it more difficult for a small number of financially distressed individual debtors whose debts are primarily consumer debts to qualify for relief under Chapter 7 of the Bankruptcy Code. If a debtor does not qualify for relief under Chapter 7 of the Bankruptcy Code, the debtor may still seek relief under Chapter 13 of the Code. BAPCPA also requires individuals seeking bankruptcy relief to undertake credit counseling with approved counseling agencies prior to filing a bankruptcy petition and to undertake education in personal financial management from approved agencies prior to being granted a discharge of debts under either Chapter 7 or Chapter 13.
Its basically based on income if you qualify for a Chapter 7... Chapter 7 will wipe out everything. If you want to keep your house or car you must continue to make payments on them or they can be taken away. So, if you are single, make less than $39,000.00, with no children you can qualify for a Chapter 7. So, if you make more and have children then its also very possible you can file. The laws have not changed as much as many people think they have. You must also complete a counseling course before you can file. No matter what state you are in, the filing fee is $299.00.
Bankruptcy is not for the faint of heart. It's the worst thing that can happen to your credit, and it doesn't fall of your report before 10 years. If you're considering filing, visit the below website for help
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