Last updated on August 9th, 2010 at 02:13 pm
Despite the overhaul of the bankruptcy laws in 2005, the dallas bankruptcy attorney code still provides substantial benefits to those that qualify. While the benefits are still there, the overhaul has necessitated that filers get Chapter 7 help from an experienced bankruptcy attorney in order to get the best results possible. Another facet of the 2005 overhaul, which often necessitates Chapter 7 help, was the addition of a “means test” which was put in to screen out bankruptcy applicants from filing Chapter 7 who earn more than the median income for their state of residence.
Chapter 7 help from an experienced consumer bankruptcy attorney is often required just to be accepted for a Chapter 7 filing. People who are close to the median income level need to be sure that they complete the means test accurately and represent asset values which will qualify them for the discharge of their debts.
The biggest benefit provided by the Dallas Bankruptcy Lawyers code is the complete discharge of all unsecured debts listed in the bankruptcy petition. This benefit for bankruptcy filers was the primary target of the overhaul which was pushed through Congress while being vigorously backed by the credit card industry. The means test now prevents wealthier filers from being able to have debts dismissed and now pushes them toward filing for bankruptcy under Chapter 13 instead. In a Chapter 13 filing, unsecured debts are paid in part via a payment plan approved by the court. People filing for personal bankruptcy under the Dallas Bankruptcy Lawyerscy code are usually in a position where they have few assets and the ones they have are exempt from surrender to the court.
Under these circumstances, filers get their debts dismissed while retaining their assets.
A Chapter 7 filing has two other key benefits for filers; the first being that the process is relatively fast with completion usually taking around four months. The second benefit is that a Chapter 7 filing is less expensive than a Chapter 13 filing. If you’re contemplating filing for personal bankruptcy, be sure to consult with a consumer bankruptcy attorney. It’s the best way to ensure that you’ll get the best results possible from your filing.
