Key points on US Bankruptcy Law

Question: Can you please guide me on the Bankruptcy Law in the USA? What are the key points to keep in mind? And what is Chapter 13 bankruptcy?  Thanks. – Chang from Mountain View, CA.

Answer: The new bankruptcy law is tougher that the old one of 1978. It tightens the requirements of those who are filing for bankruptcy and for the attorneys that are helping them.

Under the new bankruptcy law, several major changes were initiated. Here are some key points:

1. There is now a “Means Test” that is used so that you can show that you are not abusing the use of bankruptcy. Herein your monthly income is considered, minus certain expenses that are allowed. If you come out above the “median income” you will have to file for Chapter 13 bankruptcy.

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