Bankruptcy in Richmond County, Georgia

Bankruptcy law is a federal statutory law contained in Title 11 of the United States Code. The The Constitution of the United States, in Section 8, gives Congress the power to establish uniform laws on the subject of bankruptcies all over the US. States do not regulate bankruptcy but they can pass laws that affect other aspects of the debtor-creditor relationship. Therefore it is important to understand the federal statutes that are applicable to bankruptcy as well as any state laws that are applicable.
Since April 2005 some big 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 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 governs if you are eligible for filing Chapter 7. Debtors must attend in approved credit counseling before they can file bankruptcy. Filing fees have been increased and as a result lawyer fees have also gone up.
There is a great amount of misinformation out there for debtors considering bankruptcy. If you are thinking about filing bankruptcy, there is no reason to be alarmed by this test. If you are well below the state median income, this change will not affect you. Even debtors who are above the state median income generally are eligible for chapter 7 as the expenses are way too high to be eligible. But, if your income is near your state's median, you might want to contact a seasoned bankruptcy in Richmond County, Georgia.

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