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While criticisms of the bill were wide-ranging, the central objections of its opponents focused on the bill's sponsors' contention that bankruptcy fraud was widespread, the strict means test that would force more debtors to file under Chapter 13 (under which a percentage of debts must be paid over a period of 3–5 years) as opposed to Chapter ...
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 ...
One of the biggest changes, called the "heart" of the Act's "bankruptcy reforms," [2] was the adoption of the means test for use in Chapter 13 bankruptcy proceedings. Chapter 13 requires debtors to submit a repayment plan for court approval to obtain a discharge of their debts. The means test is a statutory formula that determines how much ...
Chapter 7 is generally available to lower-income individuals who pass a means test. If you earn more than the threshold, you may be directed to Chapter 13 instead.
An individual who is badly in debt can typically file for bankruptcy either under Chapter 7 (liquidation, or straight bankruptcy) or Chapter 13 (reorganization).In some cases, options may also include Chapter 12 (family farmer reorganization) and Chapter 11 (reorganization of a company, or an individual debtor whose debts exceed the limits for a Chapter 13 filing). [2]
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
The final Mercury retrograde of the year will start on Dec. 13 and last through the end of the year. As for surviving the tumultuous astrological transit? Long walks are your friend this month.
Chapter Thirteen, Chapter 13, or Chapter XIII may also refer to: Music. Chapter 13, a Gorefest album; Television "Chapter 13" (Eastbound & Down) "Chapter 13 ...
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