If you are contemplating filing for personal bankruptcy then you should really consider the many services that Philadelphia bankruptcy lawyers can offer to you. Philadelphia bankruptcy lawyers can help you decipher and navigate the complicated legal jargon implemented by the recent Bankruptcy Abuse Prevention and Consumer Protection Act. Most Philadelphia bankruptcy lawyers are already extensively familiar with the many facets of the new federal legislation. For example, you will have to submit yourself to what is called the means test. According to the means test, a potential filer's current monthly income is evaluated to determine if it is higher than the median income of the state that the filer resides in. The income is reviewed for the six months immediately prior to seeking federal bankruptcy protection. Certain allocations or deductions are permissible by the IRS which can affect the result of the means test. If you do not pass the means test then you still may be eligible to file for a chapter 13 bankruptcy.
Now you will also be required to go through a credit counseling process in order to be eligible to file either a chapter 7 or a chapter 13. You will have to participate in a credit counseling session no more than 180 days prior to filing your bankruptcy. If you are trying to file a chapter 7 case and fail to meet your credit counseling obligations then your entire bankruptcy could be thrown out. There are many agencies that provide credit counseling seminars that offer guidance in managing personal finances.
The Bankruptcy Abuse Prevention Consumer Protection Act of 2005 also extended the time period that makes repeat filers eligible to seek federal bankruptcy protection again. For chapter 7 cases, it used to be six years between filings prior to the law being passed. Now, a filer must wait eight years before filing again.
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