Disposable income explained Oconee County GA bankruptcy lawyer
Best bankruptcy lawyer Athens Georgia
You are not eligible to file for Chapter 7 if you cannot satisfy some new requirements imposed by the 2005 revisions to the bankruptcy law. According to the changed rules, you cannot file for Chapter 7 if both of the following are true:
Your current monthly income over the last six months to your filing date is more than the median income for a home of your size in Georgia.
Your disposable income, after subtracting certain expenses and monthly payments for debts you would have to repay in Chapter 13, exceeds certain limits fixed by statute. The calculations are commonly called as the “means test”. When you have the ability to repay a certain amount of your debt in a Chapter 13 repayment plan, you flunk the test and are ineligible for Chapter 7 bankruptcy.
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Athens Georgia bankruptcy lawyer | Bankruptcy attorneys in Athens GA and Athens-Clarke County – Filing for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy
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