Filing for Bankruptcy Under the New Laws

Fort Worth Personal Bankruptcy Lawyer

Filing personal bankruptcy is a decision that most people do not take lightly. Most are concerned about new bankruptcy laws and how it may be more difficult to file for bankruptcy. Some people may also be concerned about their eligibility to file for Chapter 7 Bankruptcy. While the process and the paperwork for a Chapter 7 filing has become more difficult, it is still possible. Jim Morrison & Associates, PC provides consumers with experienced representation under the new bankruptcy laws.

Do you want to learn your options regarding personal bankruptcy filing under the new laws? Please contact Attorney Jim Morrison today to arrange your free consultation. His experience has helped thousands of people get relief from their debts.

Eligibility Under the New Means Test

Chapter 7 Bankruptcy discharges all dischargeable debt through liquidation. Chapter 13 Bankruptcy reorganizes debt by arranging a three to five year payment plan. A large part of the new bankruptcy laws involves a means test that determines the eligibility of filing Chapter 7. While it has become more difficult for people to become eligible for Chapter 7—it is still possible. When an individual does not qualify for Chapter 7, he or she may be able to file under Chapter 13 of the Bankruptcy Code.

The means test is essentially a disposable income test to determine if a person is eligible to file Chapter 7 Bankruptcy. Our firm can work with you to match your real budget with the budget determined by the means test. We will note any discrepancies and discuss the advisability of filing under either chapter.

Required Debtor Education

Individuals are also now required to attend two debtor courses. The first course must be completed within 180 days before filing bankruptcy. The second course must be completed in order to have the debts discharged. These courses can be helpful to people who are interested in obtaining a fresh start on their finances. Contact Jim Morrison & Associates, PC to arrange your free consultation to learn more about how we can help.