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Bankruptcy laws changed dramatically in 2005 and make it considerably harder for people to file chapter 7 bankruptcy, those people who do not qualify for chapter 7 are left with the option of chapter 7. Some of the major changes with chapter 7 are:
In a Chapter 7 bankruptcy, the income of the person filing will be subject to a two-part test. First, your income will be calculated with exemptions such as rent and food to determine whether you can afford to pay 25 percent of your unsecured debt such as your credit card bills. Second, your income will be compared to your state's median (middle) income.
You won't be allowed to file for Chapter 7 if your income is above your state's median income and you can afford to pay 25 percent of your unsecured debt. Even if your income is below the state's median income and you can pay 25 percent of your unsecured debt, the court may still deny your Chapter 7 filing. There will be very few exceptions to this test, no matter how sympathetic your case is.
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When can you file a chapter 7 bankruptcy if you had a chapter 7 discharged in December 2001?
The bankruptcy petitioner can file another chapter 7 8 years after the date of filing of a previous chapter 7.
How soon after filing for a Chapter 7 Bankruptcy can you file another?
if your still in chapter 7 you have to get out first but you can file again check the laws in you state on chapter 7. laws has chang.
Which bankruptcy chapter was most affected by the change in bankruptcy laws in 2005?
The most significant change to the 1978 statute concerns consumer bankruptcy under the Chapter 7 liquidation provisions.
Can you get your car back if you file a chapter 7 bankruptcy before it is auctioned off?
If the lender is willing to reaffirm the loan with the borrower then the vehicle can be returned. A vehicle is a secured debt and is not subject to chapter 7 bankruptcy laws.
When can you file a chapter 7 bankruptcy again if you got yours cleared January 2001?
Bankruptcy is not part of financial planning. Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.
When can you file a chapter 7 bankruptcy again if you filed a chapter 7 in 2000 under old bankruptcy laws?
chapter 7 you can file every 8 years. chapter 7 lasts 10 years starting with the new laws in 2005. since you filed before 2005 your chapter 7 stays on your credit report 7 years as opposed to 10 years.
Can you protect a structured settlement in a chapter 7 bankruptcy?
Yes you can protect it under chapter 7 bankruptcy
Chapter 7 limits?
what are the chapter 7 limits for bankruptcy?
How long does it take after a bankruptcy is discharged to show on your credit report?
The amount of time a bankruptcy stays on your credit report after discharge differs between Chapter 7 and Chapter 13 Bankruptcy. With Chapter 7 bankruptcy, the Chapter 7 stays on your credit report for 10 years. Chapter 13 bankruptcy, after discharge, it shows for 7 years on your credit report.
When did new bankruptcy laws go into effect?
On October 17, 2005, new bankruptcy laws went into effect as a result of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. The old rules allowed most filers to choose between Chapter 7 or Chapter 13, and most chose Chapter 7 because it allowed for the complete elimination of debts without repayment . The new law prohibits filers with higher incomes from filing under Chapter 7.
In Kentucky How long after bankruptcy can you file chapter 7 and can you file chapter 13 after chapter 7?
You can file bankruptcy again 7 years after the last time you filed.
After Chapter 7 bankruptcy has been Discharge can buy a home?
After Chapter 7 bankruptcy has been Discharge can buy a home
