Posts Tagged ‘bankruptcy chapter 7 means test’

Can I still file for bankruptcy?

In Uncategorized on March 23, 2010 at 9:26 am

Most people have heard about the change to bankruptcy law that went into effect in 2005. Did the law change eliminate bankruptcy? No, it didn’t. The law changed the process for filing for bankruptcy. For most of my clients the law requires they produce more documents before they file. Documents like tax returns and pay stubs. They must complete two hour-long classes on line or by telephone. If they have higher than average income, they must show living expenses that prevent them from paying off their bills.

The law still allows them to protect assets up to a certain amount. In fact, the law allows people to keep more assets than ever before.

So if you hear than you that the law changed and you can no longer file for bankruptcy, don’t believe it.