Lots of people are nervous or anxious about the process of filing an Orlando bankruptcy. They may not be well informed about the law surrounding filing an Orlando bankruptcy. Legal aspects can often times be overly complicated and very confusing for the average American citizen. Navigating through all of this to successfully process your Orlando bankruptcy can be difficult but not impossible.
In late October of 2005, the Bankruptcy Abuse Prevention Consumer Protection Act was passed. It really changed the guidelines around one's ability to file for a personal bankruptcy. It definitely made it more difficult for people to misuse or abuse the process. More concrete proof was needed. It required potential filers to submit to a means test which evaluated their monthly income with the mean income of other residents in the area in which they reside. Only about 85% of filers do not have to submit to the means test because their monthly income is not higher than the median income for their respective state of residence. You will need to know if you have to submit yourself to the means test by knowing the median income of the state that you live in.
In addition, you will need to know that your recent purchases will be reviewed when the previous credit card statements and financial transaction history is analyzed. Substantial purchases over $500 will raise eyebrows of bankruptcy judges and they will wonder why you are making such extravagant purchases while claiming to need federal bankruptcy protection. That certainly will not look too good for you and you may be held responsible for making arrangements to repay that debt. Your bankruptcy could be denied altogether if you have excessively reckless charges of this nature. You may have to explain your need for any of these substantial purchases if you have one.
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