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For a full discussion, you can perform a Google search for something like "2005 bankruptcy reform" and get more complete answers. For consumers, eligibility for Chapter 7 will be based on a "means test" that will depend on your income, number of family members, where you live and how your expenses compare to a list of predetermined criteria. And the means test is based on your average income for the last 6 months as opposed to your current income. If you were just fired from a high paying job, you woudl still have "income" for the means test. Some consumers that were previously eligible for a Chapter 7 discharge might be forced into a Chapter 13 repayment plan. Consumers will need credit counselling before they file for bankruptcy and before they get a Chapter 7 discharge. There is a new cap on the homestead exemption. NOTE: These are just SOME of the important changes. You should see a local bankruptcy attorney to determine what other changes might impact your decision to file for bankruptcy.
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Where can you find information about corporate bankruptcy laws?
Does corporate bankruptcy affect personal credit?
What are the laws pertaining to a credit reporting agency still reporting after a bankruptcy discharge?
Debts included in the bankruptcy should be noted as such in the credit report. The bankruptcy will remain on the credit report for ten years.
Do US District Courts hear matters concerning federal bankruptcy laws?
No. Cases involving federal bankruptcy law are heard in the 94 US Bankruptcy Courts.
Are there any laws regarding the number of credit cards one person can have?
There are no laws that limit the number of credit cards one can have, but there is a 'law' of common sense. Too many credit cards and too little money equals a lot of debt.
What are the new bankruptcy laws?
Visit the Bankruptcy Action website for an explaination of the new bankruptcy reform and a guide to determine what is needed to qualify for a chapter 7 or 13. http://www.bankruptcyaction.com Please visit Bankruptcy Action Com for information concerning the new state and federal bankruptcy laws. http://www.bankruptcyaction.com
Who makes the law concerning bankruptcy?
They are Federal Laws, all of which are made by Congress and passed by vote of your elected officials.
According to bankruptcy laws, how long must one wait after filing bankruptcy before they can buy on credit again?
Bankruptcy laws do not prohibit a person from opening another credit account. However, it may be difficult to find a bank willing to extend credit to someone who has filed bankruptcy. In addition, consumers should be careful not to repeat past mistakes. Once bankruptcy has been filed, it is a good idea to operate on a cash basis to re-learn the essentials of personal finance.
What are the key differences in bankruptcy laws between Florida and California?
Bankruptcy laws are federal so there is probably no difference in bankruptcy laws between Florida and California.
What happens if you do not pay your debt within 7 years will you still be obligated to owe that if it falls off your credit report?
Many consumers assume that the time to collect a debt corresponds with the time the debt remains on the credit report this is not true. Statute of Limitations laws for debts are enacted by states, some concerning open accounts (such as credit cards), can be as short as three years.
How do I undo credit damage due to identity theft?
If you believe that your credit has been used by another individual you should first contact your credit card companies and bank to cancel your cards and stop others from using whatever was stolen from you. You will have to sign an affidavit with them and with the credit reporting companies to correct everything. This site is helpful with the laws concerning identify theft. http://www.justice.gov/criminal/fraud/websites/idtheft.html
What is the maximum interest rate permitted to be charged by a credit card issuer?
Every state has different laws concerning interest rates. The least consumer friendly state concerning usury laws, Colorado, has a maximum annual rate of 45%.
What was the time frame a bankruptcy stayed on your credit under the old bankruptcy laws?
Your confusing credit reporting with the BK laws. Different things. The laws changed the time limits between filing, they don't effect the credit reporting agencies....which are private information services and can basically do what hey want. As a mtter of federal court your record is available for a long, long while for anyone that wants to look, or pay someone to look for them. Most credit reports look for 10 years. how long a lender may care about it is another story. Their own personal preference.
