Disposable income an overview – Chattahoochee County GA bankruptcy law firm

Disposable income an overview – Chattahoochee County GA bankruptcy law firm
Columbus GA bankruptcy law firm

You shall not be allowed to file for Chapter 7 if you cannot qualify for certain new conditions imposed by the 2005 revisions to the bankruptcy rules. Under the newrules, you cannot file for Chapter 7 if both of the following are true:

Your current monthly income over the six months prior to your filing date is more than the median income for a home of your size in GA.

Your disposable income, after subtracting certain expenses and monthly payments for debts you would have to repay in Chapter 13, is above certain limits determined by law. These calculations are generally called as the “means test”. When you have the capacity to pay back a certain amount of your debt through a Chapter 13 repayment plan, you flun the test and cannot file for Chapter 7 bankruptcy.

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Columbus Georgia bankruptcy lawyer | Bankruptcy attorneys in Columbus GA and Fort Benning – Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy in Columbus GA and Fort Benning

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