Chapter 13 Bankruptcy Ga
Can I file for Chapter 7 bankruptcy?
Most people file for Chapter 7 bankruptcy due to three main reasons:
1. It is much faster than the other chapters. With a little effort on your part, you can make the whole process in the next four to six months.
2. It is also easier to introduce. Do not make frequent visits to the court are necessary.
3. There are no after payments. Once your bankruptcy is discharged, you are debt free. (According to the 2005 law on bankruptcy, all debts can be downloaded more, then consult your attorney before filling).
Moreover, Chapter 7 has taken, the court will decide if it is allowed to apply for it or not. One of the main reasons why you may be refused to file for Chapter 7 is your income. If it happens to be sufficient to pay a portion of their debts (after the driver's livelihoods have been counted in) then will be forced to file under Chapter 13 bankruptcy law.
How to check if you may ask?
The first thing to do is to figure the average wage 6 months and compared with the average income for the state in which you live, be allowed to file under Chapter 7 if your income happens to be the lover or the same the median income for your state
If your average income is higher than that, and you want to apply for Chapter 7 bankruptcy, you have to go through another test called the means test.
So what is a means test?
This a test based on the results calculated for living expenses allowed.
How I can calculate my cost of living and what I can include?
It is quite easy to calculate. Take all of your income per month on average and deduct the cost following licenses:
1) electricity bills (gas), food, clothes. (Be sure to use the IRS or quantities of these the court does not take into account.)
2) Your secure payment per month as alimony, car loan, mortgage and taxes.
After completion calculation and the average disposable income per month is the lover, and then $ 100, you pass the means test and you have the opportunity to be adopted to declare bankruptcy under Chapter 7.
However, if your disposable income will be more than this number (most often mentioned is $ 166, but this may vary) is likely to be filed under Chapter 13 of the Bankruptcy Act. That unless you can prove that there are special considerations to take into account.
For figures ranging between $ 100 and $ 166, it is best to consult your lawyer. Be sure to find a lawyer specializing in bankruptcy and credit repair and reputation solid.
About the Author
Bankruptcy Lawyer Augusta GA – Chapter 7 – Chapter 13 Attor
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