Chapter 7 and Chapter 13 Bankruptcy Info
Chapter 7 bankruptcy and chapter 13 bankruptcy can provide debt relief for serious financial trouble. Changes in bankruptcy law in 2005 can be confusing, so it is important to seek advice from knowledgeable bankruptcy attorneys. The Law Offices of Frank E. Turney, P.A. provides bankruptcy assistance for clients in the Baltimore area.
Congress enacted changes to the U.S. Bankruptcy Code in 2005 that could lead to confusion, but an experienced attorney can help you understand your rights and obligations when filing bankruptcy. We will explain your options and how the changes to the law affect your specific situation.
New Bankruptcy Requirements
- The law now requires credit counseling before filing bankruptcy.
- Chapter 7 bankruptcy is no longer an option for debtors with high incomes, above the limit set under the law.
- Eligibility requirements for chapter 7 bankruptcy is based on median income levels that are set by the IRS. Those earning less than the median level are eligible for chapter 7, but individuals with incomes above this amount must use a complex formula to determine bankruptcy options.
- When filing bankruptcy, you must show proof of income including pay stubs, income tax returns, and information showing other income sources.
- The changes to the law include additional requirements for bankruptcy lawyers. Attorneys must personally vouch for the accuracy of their clients' information.
If you are looking for bankruptcy lawyers in the Baltimore area, browse our website to learn more about our firm and contact us online or at (410) 788-8830 for a free consultation to discuss your case.
The thought of filing bankruptcy can be frightening and overwhelming. If you are on the verge of bankruptcy, you don't need to be afraid. But you do need to take action. The first thing you should do is contact an attorney who fully understands the new bankruptcy law and has the experience required to help you. Call today at 410-788-8830 or contact us online to tell us about your situation.