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May 28, 2009
In order to file bankruptcy debtors must follow established protocol set forth in the U.S. Bankruptcy Code. In 2005, Congress enacted new bankruptcy laws, making it much more difficult to file. Few people can undergo the process alone and will require the services of an attorney.
When people file bankruptcy they must undergo the 'means' test; a financial tool that determines how much debt must be repaid. The Bankruptcy Abuse Prevention and Consumer Protection Act require debtors must repay a portion of debts unless they earn less than their states' median income level.
March 13, 2009
The term, 'fail out of bankruptcy' refers to the debtor's inability to adhere to their bankruptcy repayment plan. Personal bankruptcy includes Chapter 7 and Chapter 13. With Chapter 7, outstanding debts are discharged, while Chapter 13 allows debtors to reorganize their debt and repay it over an extended period of time.
One missed payment can cause a debtor to fail out of bankruptcy. When this occurs, creditors are allowed to petition the bankruptcy court and request dismissal. In most cases, the judge will allow the debtor to explain why they missed their payments. However, if the bankruptcy is dismissed creditors can commence with collection proceedings
December 13, 2008
Deciding to file bankrupsy is never an easy choice. However, if personal bankrupsy is the only option left, it is best to become as informed about the process as possible. Doing so will help reduce the stress associated with filing bankruptcy and help you stay focused on the task at hand.
A key element of bankrupsy is understanding the new bankruptcy laws enacted in 2005. The Bankruptcy Abuse Prevention and Consumer Protection Act was put into place as a way to protect both consumers and creditors