News and views from Virginia Bankruptcy Attorney Russell Adams |
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Can anybody file for Chapter 7 bankruptcy?
Under the new Bankruptcy Law, anyone who has earned more than the median income for that person’s state over the six months prior to filing for Bankruptcy will be required to take a “Means Test” to determine if they can file a Chapter 7 Bankruptcy. The results of the Means Test, which deducts certain expenses as allowed by the IRS, and certain secured debt payments such as car payments and mortgage payments, from the individuals average monthly income, will determine whether that individual is eligible to file for Chapter 7 Bankruptcy protection. Those who are not eligible for Chapter 7 may need to file for protection under a different Bankruptcy chapter. |
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The information contained in this website is not to be considered legal advice and the purpose of this website is not to provide legal advice. The Adams Law Group, PLLC does not intend to create an attorney-client relationship by this website. If the reader has a legal problem, he/she should consult with an attorney. Any information contained in an e-mail sent to The Adams Law Group, PLLC shall not be considered privileged or confidential. E-mail is not a secure means of communication and should not be considered such. Because we provide bankruptcy services to consumers, among others, we have been designated a Debt Relief Agency pursuant to federal law. We help people file for bankruptcy protection and relief under the United States Bankruptcy Code. Copyright 2010. All rights reserved. |
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