Bankruptcy in Evans, GA

Title 11 of the United States Code contains the federal bankruptcy law. The The Constitution of the United States, in Section 8, gives Congress the power to establish uniform laws on the subject of bankruptcies throughout the US. States do not regulate bankruptcy but they may pass statutes that influence other aspects of the debtor-creditor relationship. So it is important to understand the federal statutes that are applicable to bankruptcy as well as any state laws that may apply.
In April 2005 some big changes to bankruptcy laws were made with the Bankruptcy Abuse Prevention and Consumer Protection Act, affecting all bankruptcies filed after October 2005. The assets in Individual Retirement Accounts are protected and are exempt from liquidation to pay creditors. To limit the availability of a Chapter 7 discharge of debt, the regulations have been significantly revised. A Means test now determines eligibility for filing Chapter 7. Debtors should take part in approved credit counseling prior to filing for bankruptcy. Filing fees have been increased and as a result attorney fees have also increased.
There is a lot of misinformation out there for persons considering bankruptcy. If you are considering about filing bankruptcy, there is no reason to worry by the means test. If you are well below the state median income, you will be unaffected. Even debtors who are above the state median income generally are eligible for chapter 7 because the expenses are way too high to be eligible. But, if you have an income near your state's median, you might want to consult a seasoned bankruptcy in Evans, GA.

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