Major changes were made to bakruptcy law in 2005, making it harder to file for chapter 7 and deferring more people to chapter 13.
In a Chapter 13 bankruptcy, the court will apply IRS living standards to determine what is reasonable for expenses such as rent and food, and the rate you need to repay your debts. The IRS standards are more strict than the courts have been in the past.
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.
Jail sentence of 6months to a year ..roughly.
I've been practicing law for 30 years, predominately bankruptcy for the past 15. Last year I netted $400K, mostly from consumer bankruptcy filings. As long as banks and mortgage servicers remain stupid as dirt the future is bright!
10 years by federal law.
No. Last year the law was changed, you need to have your passport with you when going to or returning from Mexico.
Martin A. Frey has written: 'Introduction to the law of contracts' 'An introduction to bankruptcy law' -- subject(s): Bankruptcy, United States 'An introduction to bankruptcy law' -- subject(s): Bankruptcy
Yes, there is a bankruptcy law in the United Arab Emirates.
There are some new laws that deal with bankruptcy that were passed in 2005. The change the way that one has to go about declaring bankruptcy and how it should be solved.
One reason that one would need to visit a bankruptcy law office is in order to file for bankruptcy. Bankruptcy law helps by giving a "fresh start" for the honest, unfortunate debtors out there.
Robin Jeweler has written: 'Recent developments in bankruptcy law' -- subject(s): Bankruptcy 'Employee pension benefits in bankruptcy' -- subject(s): Law and legislation, Pensions, Bankruptcy
No. Such a law would violate bankruptcy law, which prohibits discrimination by reason of bankruptcy. The problem is usually getting a mortgage because of credit scores, which include many factors including the reasons for filing bankruptcy.
Many of the law firms in the Dallas area offer bankruptcy lawyers. One law firm I found that offers many bankruptcy lawyers is 214bankruptcy, they specialize in bankruptcy.
Sure