Bankruptcy in Macon, Georgia

Title 11 of the United States Code contains the federal bankruptcy law. The US Constitution, in Section 8, gives Congress the power to create uniform rules on the subject of bankruptcies all over 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 laws 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 guidelines have been significantly revised. A Means test now determines if you are eligible for filing Chapter 7. Debtors should participate in approved credit counseling prior to filing for bankruptcy. Filing fees have been increased and as a result lawyer fees have also gone up.
There is a lot of misinformation out there for persons contemplating bankruptcy. If you are thinking about filing bankruptcy, there is no reason to worry 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 often are eligible for chapter 7 because the expenses are way too high to qualify. However, if you have an income near your state's median, you might want to consult a seasoned bankruptcy in Macon, Georgia.

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