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Chapter 13 and Chapter 7 Bankruptcy Attorney
On October 17, 2005, new bankruptcy laws were enacted throughout the country. Many Chapter 13 and Chapter 7 bankruptcy attorneys took to the airwaves in commercials discussing bankruptcy law, trumpeting that you may not be able to file for bankruptcy after the new laws take effect. Your Chapter 13 and Chapter 7 bankruptcy attorney will communicate the new laws and the real effect it has on whether or not it is appropriate or possible for you to file for Chapter 7 or Chapter 13 bankruptcy today.
Contrary to what many Chapter 13 and Chapter 7 bankruptcy attorneys said to bring in business, Chapter 13 and Chapter 7 bankruptcy is still an option for almost everyone. At best, the changes in the law were marginal. Those changes translated into attendance at credit counseling classes and passing a means income test. Even if you do not qualify for a Chapter 7, you could qualify for a Chapter 13 bankruptcy.
Credit counseling and debtor education courses are a required and beneficial step to take before you file for bankruptcy. The classes will help you understand if bankruptcy is the right step for you or if an informal payment plan is a better option. With a certificate of completion, you can move forward with your bankruptcy. Prior to your debt being discharged, you will need to attend a personal financial management class.
Under the previous laws, many of those needing bankruptcy protections immediately chose Chapter 7 bankruptcy. Now, you see how your monthly income compares against the median income for a family of your size in the state of Arizona or Nevada. If it is under, you qualify. If it is over, you have to pass a means test to determine whether you have enough disposable income after certain allowed expenses and required debt payments. That would determine qualification for a Chapter 13 plan.
Your local Chapter 13 and Chapter 7 personal bankruptcy attorney will help you to understand these changes in Chapter 13 and Chapter 7 bankruptcy laws and see if you will qualify. For more information or to schedule an appointment with an experienced bankruptcy lawyer regarding information on Chapter 13 and Chapter 7 bankruptcy laws, please contact us.
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