Bankruptcy in Jones County, Georgia

Bankruptcy law is a federal statutory law contained in Title 11 of the United States Code. The The Constitution of the United States, in Section 8, grants Congress the power to create uniform laws on the subject of bankruptcies throughout the US. States don’t regulate bankruptcy but they can pass statutes that influence other areas of the debtor-creditor relationship. Therefore it is important to know the federal statutes that apply to bankruptcy as well as any state laws that are applicable.
In April 2005 some major changes to bankruptcy rules were made with the Bankruptcy Abuse Prevention and Consumer Protection Act, affecting all bankruptcies filed after October 2005. The assets in Individual Retirement Accounts are exempt assets and cannot be sold to pay creditors. To limit the availability of a Chapter 7 discharge of debt, the rules have been significantly changed. A Means test now governs if you are eligible for filing Chapter 7. Debtors should take part in approved credit counseling prior to filing for bankruptcy. Filing fees were increased and as a result attorney fees have also gone up.
There is a great amount of misinformation out there for persons considering bankruptcy. If you are thinking about filing bankruptcy, there is no reason to panic by the means test. If you are well below the state median income, this change will not affect you. Even debtors who are above the state median income generally can qualify for chapter 7 as the expenses are high enough to be eligible. But, if you have an income near your state's median, you must contact a seasoned bankruptcy in Jones County, Georgia.

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