Bankruptcy Eligibility In Edgefield
In 2005 Congress passed legislation that affected bankruptcy law and persuaded many that it would be more difficult to file.
In actuality, in contrast to what many believed, millions of Americans still find bankruptcy to be a viable solution for debt relief. The key change to the bankruptcy law involves demonstrating proof that you qualify for bankruptcy. To file Chapter 7 bankruptcy, it is necessary to show a household income below the median income for a household of the same size in the same county or you must pass what is known as the "means test."
What Is The Means Test?
To pass the means test, your household income must be less than the median income of a household of the same size in your state.
If a household income is below the threshold, Chapter 7 bankruptcy may be possible, but may not be possible if the remaining disposable income is not sufficient to repay a portion of unsecured debt. The complexity of these formulas can get quite complicated. It is also worth noting that if someone is eligible for either a Chapter 7 or a Chapter 13 filing, all assets and income come into play so it is important to choose the ideal course of action.
Asking, "Am I Eligible To File Bankruptcy In North Augusta, South Carolina?" Contact An Aiken Means Test Attorney
The Law Offices of Andrew C. Marine is ready to bring a quarter century of bankruptcy experience to help you understand what bankruptcy actions you can pursue, and help you take the ideal steps toward financial freedom.
To discuss bankruptcy law or any issue in an initial consultation with an Edgefield bankruptcy eligibility lawyer, call (803) 810-0859 or email the Law Offices of Andrew C. Marine.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.