Bankruptcy in Madison County, Georgia

Bankruptcy law is a federal statutory law contained in Title 11 of the United States Code. The The Constitution of the United States, in Section 8, gives Congress the power to create uniform rules on the subject of bankruptcies all over the United States. States don’t regulate bankruptcy but they may pass laws that influence other aspects of the debtor-creditor relationship. Therefore it is important to know the federal statutes that apply to bankruptcy as well as any state laws that are applicable.
In April 2005 some major changes to bankruptcy rules 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 exempt assets and cannot be sold to pay creditors. To limit the availability of a Chapter 7 discharge of debt, the regulations have been significantly revised. A Means test now determines eligibility for filing Chapter 7. Debtors must attend in approved credit counseling prior to filing for bankruptcy. Filing fees were increased and subsequently lawyer fees have also increased.
There is a great amount of misinformation out there for debtors considering 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 often are eligible for chapter 7 because the expenses are high enough to qualify. However, if your income is near your state's median, you must contact a seasoned bankruptcy in Madison County, Georgia.

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