| Question re new bankruptcy law |
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Naomi1lh
New Poster
Cash: $ 0.45
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Joined: 05 Sep 2005
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| Question re new bankruptcy law |
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If a person has no assets left, and is on Soc Sec disability but has credit card debt, how would bankruptcy affect this situation? Would the new law affect the situation any differently from the old law? Would it make any difference if application is made before Oct 1, or to apply at all?
Thanks for the info
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Mon Sep 05, 2005 5:32 pm |
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sam1000
Full Member
Cash: $ 21.05
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Joined: 28 Jul 2005
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The new law has a 2 part requirement to be eligible to file:
First, after certain exemptions for necessities (rent, food etc.) you must not have any amounts left over that can pay 25% of your current UNSECURED debt minimum payments.
Second, you have to make less than the state median income for your household type.
If you qualify under BOTH rules then you can file Chapter 7.
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Thu Sep 08, 2005 5:32 am |
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