Bankruptcy in Columbus, Georgia

Bankruptcy law is a federal statutory law contained in Title 11 of the United States Code. The US Constitution, in Section 8, grants Congress the power to establish uniform rules on the subject of bankruptcies throughout the United States. States do not regulate bankruptcy but they may pass laws that affect other areas of the debtor-creditor relationship. So it is important to understand the federal statutes that are applicable to bankruptcy as well as any state laws that are applicable.
Since April 2005 some big changes to bankruptcy laws were made with the Bankruptcy Abuse Prevention and Consumer Protection Act, affecting all bankruptcies filed after October 2005. The assets in Individual Retirement Accounts are protected and are exempt from liquidation to pay creditors. To limit the availability of a Chapter 7 discharge of debt, the rules have been significantly revised. A Means test now governs if you are eligible for filing Chapter 7. Debtors should take part in approved credit counseling before they can file bankruptcy. Filing fees have been increased and subsequently lawyer fees have also gone up.
There is a lot of misinformation available there for persons considering bankruptcy. If you are considering about filing bankruptcy, there is no reason to worry by this test. If you are well below the state median income, this change will not affect you. Even debtors who are above the state median income generally are eligible for chapter 7 as the expenses are high enough to qualify. However, if you have an income near your state's median, you must contact a seasoned bankruptcy in Columbus, Georgia.

---------------------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 Benninghttp://www.columbus-ga-bankruptcy.com