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New Bankruptcy Laws – Means Test

New bankruptcy laws went into effect in October 2005. Since then the laws have changed a lot. In particular, if you file under section 7, you should be aware of two major changes. Two things have now become mandatory – first, passing the means test and second, using credit counseling services. It is very important for you to understand that filing under different sections is not optional. There are certain eligibility criteria introduced by the new laws. Depending on the results of the means test and the recommendations of your credit counselor, the bankruptcy court will decide under which section you should file. A means test actually means evaluating the property, cash, and other assets you own.

Comparing Your Income to Your State’s Median Income

The means test introduced by the new bankruptcy laws is a two-part process. The first part deals with the assessment of all assets while in the second part; Your income is compared to the average monthly income in your state. Your annual income is calculated by multiplying your monthly income by twelve. Now, if the amount is less than the median income in your state, you can file for Chapter 7 bankruptcy. On the other hand, if your annual income is greater than the median amount, you cannot file for Chapter 7. You are required to file under Chapter 13, where your income will be calculated into a formula so that you can not only pay off your debts, but also regain control of your finances. get it

Formula for Test Means

Here, it is important for you to understand that the means test formula does not include the total amount of your monthly income. Only the amount left over after deducting living expenses such as food and lodging is considered. If the court or trustee finds that you cannot pay even a hundred dollars a month, you may be charged straight into bankruptcy. On the other hand, if it is found that you can pay at least ten thousand dollars in five years; Your case will be considered under chapter 13. If the amount you can pay is between six thousand and ten thousand, another mathematical calculation is used to determine the section under which you are entitled to file a lawsuit. Under the new bankruptcy laws, if you can pay at least 25% of your bad debts, you will not be able to file under Chapter 7. Likewise, if you are unable to pay even 25% of the bad debts, you may be filed for bankruptcy.

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