Where To StartStep #1 is to use our free bankruptcy evaluation below to get more information about bankruptcy.
Available OptionsAs with anything, the sooner you act, the more options you will have. Start on our free evaluation below.
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Learn About Bankruptcy Laws
As you've probably seen or heard, there were some drastic changes in bankruptcy laws a few years ago. In 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) was passed in order to protect consumers when filing bankruptcy and to make it more difficult for consumers to file for bankruptcy. This act was highly debated, but eventually passed after 8 years of protest.
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Among many other changes, this new bankruptcy law makes the consumer pass a Chapter 7 Bankruptcy Means Test and requires all filers to attend credit counseling and financial management courses.
Bankruptcy laws are imposed at a federal level and sometimes, when the federal laws are unclear or when special circumstances arise, state laws may be used. Bankruptcy protection is a constitutional right. Authority to change and revise these laws rest with the United states Congress.
Bankruptcy is not just for consumers, but for businesses, farmers, fisherman, municipalities, and special international cases. But the two most popular forms of bankruptcy for consumers are Chapter 7 bankruptcy and Chapter 13 bankruptcy.
In a Chapter 7 bankruptcy, you'll need to pass a Chapter 7 means test, attend credit counseling, and reveal all your income, debt, and assets. The assets are liquidated and any left over debt is eliminated. The creditors will have the opportunity to dispute any debt, but as long as it falls within the bankruptcy guidelines, and items were not purchased with the intent to file bankruptcy, these debts should be eliminated.
A Chapter 13 is when the court establishes a repayment plan for the debt and the debtor is allowed to keep the assets. A Chapter 13 is commonly used when real estate is owned or in a foreclosure situation. With a Chapter 13, one of the main factors in qualification is your income. You'll need to have enough income to make the new bankruptcy payments, but not enough to afford all your bills without a change.
If you would like more information about bankruptcy, or if you would like to see if you qualify for bankruptcy by completing the Chapter 7 bankruptcy means test, then use our form on the left of this page.
"Bankruptcy laws can change from time to time, but the last major change took 8 years to get approved." The bankruptcy means test is the first test you'll have to pass when filing for a Chapter 7 or liquidation bankruptcy. In the means test, your income will be compared to the national average, for a family of similar size. If your income is higher than average, your disposable income will be checked. If you have more than enough disposable income, the third test in the bankruptcy means test is to look for excessive unsecured debt, like credit cards.
Use the evaluation form and we'll send you more information about bankruptcy and make sure you are in contact with a professional to guide you in the right direction.
Filing for bankruptcy doesn't have to be scary. Just make sure it's your best option before moving forward.
Chapter 7 Bankruptcy
Chapter 13 Bankruptcy
Learn about everything you need to know about the Bankruptcy Courts here!
