Bankruptcy in Harris County, GA

Bankruptcy law is a federal statutory law contained in Title 11 of the United States Code. The United States Constitution, in Section 8, grants Congress the power to establish uniform laws on the subject of bankruptcies all over the US. States do not regulate bankruptcy but they may pass laws that affect other aspects of the debtor-creditor relationship. Therefore it is important to know the federal rules that apply to bankruptcy as well as any state laws that are applicable.
In April 2005 some major changes to bankruptcy laws were made by the Bankruptcy Abuse Prevention and Consumer Protection Act, affecting all bankruptcies filed after October 2005. The assets in Individual Retirement Accounts are protected and are exempt from liquidation to pay creditors. To limit the availability of a Chapter 7 discharge of debt, the rules have been significantly changed. A Means test now governs if you are eligible for filing Chapter 7. Debtors should participate in approved credit counseling prior to filing for bankruptcy. Filing fees were increased and as a result attorney fees have also increased.
There is a great amount of misinformation out there for persons contemplating bankruptcy. If you are considering about filing bankruptcy, there is no reason to worry by this test. If you are well below the state median income, you will be unaffected. Even debtors who are above the state median income generally are eligible for chapter 7 because the expenses are high enough to be eligible. But, if your income is near your state's median, you should contact a seasoned bankruptcy in Harris County, GA.

---------------------Athens Georgia bankruptcy lawyer | Bankruptcy attorneys in Athens GA and Athens-Clarke County - Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy