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FIA Card Services, N. A., 562 U.S. 61 (2011), is a decision by the Supreme Court of the United States involving the means test in Chapter 13 of the United States Bankruptcy Code. The means test had been adopted by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, and Ransom is one of several cases in which the Supreme Court ...
The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...
The means test was intended to make it more difficult for a significant number of financially distressed individual debtors whose debts are primarily consumer debts to qualify for relief under Chapter 7 of the Bankruptcy Code. The "means test" is employed in cases where an individual with primarily consumer debts has more than the average ...
Bankruptcy is a legal process that helps individuals overwhelmed by debt eliminate or reorganize what they owe. For individuals, there are two main types of bankruptcy : Chapter 7 and Chapter 13.
The bankruptcy court reviews this proposal and assigns a trustee to oversee the case. ... Chapter 7 is generally available to lower-income individuals who pass a means test. If you earn more than ...
The details vary between jurisdictions. In the US, the liquidation bankruptcy is governed by Chapter 7 of the Title 11 of the United States Code and is generally available to individuals passing a means test. Reorganization bankruptcy is governed by Chapters 11 and 13. [1] Chapter 11 is mostly used by high net-worth individuals. [2]
Three states (Colorado, Illinois, and Oregon) grant a very limited authorization to file for bankruptcy. Illinois, for example, only grants Chapter 9 authorization to the Illinois Power Agency. A total of 12 states authorize Chapter 9 upon conditions met and further action of state, officials or other entity; and the remainder (12) specifically ...
Means test; DIP; Title 11 of the United States Code, also known as the United States Bankruptcy Code, is the source of bankruptcy law in the United States Code. [1]
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