The Laws For Bankruptcy Changed in 2005. Does That Mean I Can No Longer File?
Absolutely not!!! This is a common misconception and it is simply not true. In fact, there are more bankruptcies being filed in 2010 then in 2005 when the laws changed. There are small changes to the laws and as we say in our ads..New Law..No Problem! There is a means test now involved which is not a test. It is a salary limit which determines who is a Chapter 7 Debtor and who does not qualify and therefore can file a Chapter 13. Chapter 13 does not mean that one would be paying 100% of their debt back. Each case varies on the percentage of debt that would get paid back if someone were over the means test and that could range from a penny on a dollar to 100 cents on a dollar. And we have cases where people are still able to file for Chapter 7 that are over the means test!!!
Lee Abt is an Experienced Bankruptcy Lawyer in New Jersey - Call Today!