Qualify For Chapter 7 Bankruptcy
Back in 2005 the bankruptcy laws changed, they made some aspects of bankruptcy a littler
harder to qualify for.
Chapter 7 was one where individuals had to qualify and each state had
their own mandates.
In a minute you will...
More
Qualify For Chapter 7 Bankruptcy
Back in 2005 the bankruptcy laws changed, they made some aspects of bankruptcy a littler
harder to qualify for.
Chapter 7 was one where individuals had to qualify and each state had
their own mandates.
In a minute you will see what changes were enacted and how they affect
filing for bankruptcy.
It uses to be almost any income level could file for chapter 7 bankruptcy, but now that has
changed.
The credit card lobbyists have fought hard for many years to get these changes.
In
2005 they finally got their wish.
It wasn t as bad as some thought it would be.
Let’s look at the major changes that affect chapter 7 bankruptcies:
Financial Class - In the scheme of things this is not the biggest change made, but it s worth
mentioning.
You have to take a simple budgeting class (online).
When passed you will get a
certificate for verification.
Income Requirement - This is the biggest change in the law.
Each state has a different
median income threshold (c
Less
