Bankruptcy in Macon, GA

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 establish uniform laws on the subject of bankruptcies all over the United States. States do not regulate bankruptcy but they can pass statutes that affect other aspects of the debtor-creditor relationship. So it is important to understand the federal rules that are applicable to bankruptcy as well as any state laws that are applicable.
Since April 2005 some major changes to bankruptcy rules were made by 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 restrict the availability of a Chapter 7 discharge of debt, the regulations have been significantly changed. A Means test now determines eligibility for filing Chapter 7. Debtors must participate in approved credit counseling before they can file bankruptcy. Filing fees were increased and subsequently attorney fees have also increased.
There is a lot of misinformation available there for persons considering bankruptcy. If you are thinking about filing bankruptcy, there is no reason to be alarmed by the means test. If you are well below the state median income, you will be unaffected. Even debtors who are above the state median income often are eligible for chapter 7 as the expenses are high enough to be eligible. But, if your income is near your state's median, you might want to contact a seasoned bankruptcy in Macon, GA.

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