Bankruptcy in Oconee County, GA

Title 11 of the United States Code contains the federal bankruptcy law. The The Constitution of the United States, in Section 8, gives Congress the power to establish uniform rules on the subject of bankruptcies all over the United States. States don’t 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 are applicable to bankruptcy as well as any state laws that are applicable.
In April 2005 some big changes to bankruptcy rules were made with 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 restrict the availability of a Chapter 7 discharge of debt, the rules have been significantly revised. A Means test now governs eligibility for filing Chapter 7. Debtors must attend in approved credit counseling prior to filing for bankruptcy. Filing fees have been increased and subsequently lawyer fees have also gone up.
There is a great amount of misinformation out there for debtors considering bankruptcy. If you are thinking about filing bankruptcy, there is no reason to panic by the means 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 as the expenses are way too high to be eligible. But, if you have an income near your state's median, you must contact a seasoned bankruptcy in Oconee County, GA.

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