Westlake Village Chapter 13 Bankruptcy Lawyers
For clear answers about how the new Bankruptcy laws affect you if you face a financial crisis, contact Gumm & Green, LLP in Southern California. Call 818-707-4233.
What the Changes to the Bankruptcy Law Mean for You
In 2005 significant changes were made to the Bankruptcy Code. The major result of these changes was that it became more difficult to qualify for Chapter 7 filing. Chapter 7 is sometimes called liquidation Bankruptcy and results in the discharge of most unsecured debt.
Although the laws were intended to make it more difficult to file for straight Bankruptcy, they have by no means made it impossible. It is true that people within some economic groups may not qualify, but the majority of those who apply should be able to obtain financial relief through Chapter 7.
Using the Means Test to Determine Eligibility
Eligibility is determined through the means test. This test requires that you meet a median family income, examines family size and scrutinizes your debt to income ratio – how much money do you make and what are your expenses and debts. The attorneys of Gumm & Green, LLP will work with you, going through all your expenses (food, clothing, household supplies, utilities, etc.) and helping you complete the means test. We can help you look at exemptions and liabilities that may make the difference in which type of Bankruptcy you can apply for.
If you do not qualify for Chapter 7, you can usually file for Chapter 13. We are happy to discuss with you the components and ramifications of this type of Bankruptcy.
Our aggressive, dynamic approach to Bankruptcy law, and our 25 years of combined experience have worked well for our clients. Find out what we can do for you. Contact Gumm & Green, LLP today and schedule a free initial consultation to discuss your finding debt relief through Bankruptcy. Call 818-707-4233.
