The New Bankruptcy Law or the Bankruptcy Abuse
Prevention and Consumer Act of 2005 which is also commonly known as 2005
Bankruptcy Act has made relevant changes to the present US Bankruptcy code. This
prohibits abuses made by customers more specifically those individuals who file
for bankruptcy just to get rid of the unwanted debts. One of the reforms in
bankruptcy law Fort Lauderdale is that before people are eligible to filing for
bankruptcy relief, they must go through a mandatory credit counseling program
for about six months. After the filing was done, a financial management course
needs to be completed.
Eligibility for an individual to file for Chapter 13
and Chapter 7 bankruptcy has also been altered under the new Bankruptcy Law. O identify
which chapter you belong, the bankruptcy court uses the means test. The state’s
median income is being compared to the average income over the preceding six
months. You can only be eligible to file for Chapter 7 bankruptcy if your
income falls below that median. If in case it doesn’t, further measures in the
means test will assist you understand whether you need to go on filing for
Chapter 7 or Chapter 13 bankruptcy.
If you cannot make up your mind or understand what the
law is saying, you can consult a Ft. Lauderdale bankruptcy lawyer today. This
will make the whole process of filing for bankruptcy more manageable.
Winston I. Cuenant, Esq.,
is a highly talented French
speaking attorney Miami who can
extend his helping hands to guide towards a successful legal battle. He can
handle case in real estate, civil litigation, filing for bankruptcy and more.
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