Bankruptcy in Columbia County, Georgia

Bankruptcy law is a federal statutory law contained in Title 11 of the United States Code. The United States Constitution, in Section 8, gives Congress the power to establish uniform rules on the subject of bankruptcies all over the US. States do not regulate bankruptcy but they can pass statutes that influence other areas of the debtor-creditor relationship. Therefore it is important to know the federal statutes that are applicable to bankruptcy as well as any state laws that may apply.
In April 2005 some major changes to bankruptcy rules were made by 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 restrict the availability of a Chapter 7 discharge of debt, the guidelines have been significantly revised. A Means test now governs eligibility for filing Chapter 7. Debtors must take part in approved credit counseling prior to filing for bankruptcy. Filing fees were increased and subsequently attorney fees have also increased.
There is a great amount of misinformation available there for persons contemplating bankruptcy. If you are considering about filing bankruptcy, there is no reason to panic by this test. If you are well below the state median income, you will be unaffected. Even debtors who are above the state median income often are eligible for chapter 7 as the expenses are way too high to be eligible. However, if you have an income near your state's median, you might want to consult a seasoned bankruptcy in Columbia County, Georgia.

---------------------We are Augusta GA bankruptcy lawyer | Georgia attorney that assist their clients in filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Augusta GA.