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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 United States Trustee program has since said it would not attempt to enforce the means test rules for disaster victims, including those affected by Hurricane Katrina. [34] The Justice Department Trustees oversee the administration of bankruptcy law and are able to file the motions necessary to enforce the means test.
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 ...
Type of bankruptcy. What it means for you. Chapter 7. Often referred to as liquidation, this type of bankruptcy means selling off your non-exempt assets to repay your debt.
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 ...
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]
Originally, bankruptcy in the United States, as nearly all matters directly concerning individual citizens, was a subject of state law. However, there were several short-lived federal bankruptcy laws before the Act of 1898: the Bankruptcy Act of 1800, [3] which was repealed in 1803; the Act of 1841, [4] which was repealed in 1843; and the Act of 1867, [5] which was amended in 1874 [6] and ...
Thus, the means test is a formula designed to keep filers with higher incomes from filing for Chapter 7 bankruptcy. These filers may use Chapter 13 bankruptcy to repay a portion of their debts, but may not use Chapter 7 to wipe out their debts altogether. [8] The bankruptcy means test is complex and the terms that govern many parts of it ...
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