Contact our Arlington bankruptcy attorneys to handle your case.
Our Arlington bankruptcy attorneys are concerned about meeting the needs of their future clients. Individuals who wish to file a Chapter 7 case with our Arlington bankruptcy attorneys must first be subjected to a "means test" to determine their eligibility. Individuals with incomes higher than the median income level in their state, and who have disposable income of $100 a month that can be used to repay $6,000 over five years, may be pushed into a repayment plan under Chapter 13.
Our Arlington bankruptcy attorneys describe this means test as "over-inclusive" and "painfully inflexible." It follows guidelines set up by the IRS for tax evaders, and imposes severe limits for allowable expenses: about $200 a month for food and less than $800 for housing and utilities, for example. In addition, the means test subjects consumers to lengthy and expensive hearings in the courts.
In addition, our Arlington bankruptcy attorneys are wary of exemption laws. While homes are exempt in certain states, provisions require homeownership for a minimum of 40 months. In other words, if you file for bankruptcy within 3.3 years of purchasing a home, it may no longer be off limits to creditors, even if the home is situated in a state that offers the homestead exemption.
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If you would like to know more about how the laws affects your situation, contact one of our bankruptcy attorneys near you. All you need to do is call our toll free number, 1 (877) 349-1309. Or, fill out our secure online case evaluation form with a few details about your situation. All information is kept strictly confidential. One of our experienced legal professionals should contact you to set a convenient time for a free consultation.
If you're concerned about your finances, it just may pay to put pencil to paper.
If you're unsure about what to do, simply sitting down with a pencil, pad of paper and a pocket calculator may be very good place to start. Here are a few steps to help you determine just how serious your current financial situation really is:
List what you owe. Prepare a table of how much you owe each creditor, what the interest rate is and how much you pay monthly. In short, you want to itemize what is called your "personal liabilities."
Review your personal cash flow. Prepare a sheet that shows how much you pay out and how much you receive each month in cash. This statement represents your cash flow and may help you identify where you may be able to set aside additional savings to pay off debt.
Prepare a personal budget. You want to find ways to cut non-essential expenses so you may use that to repay your debts.
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The purpose of this web site is to help you learn everything you need to know about bankruptcy, the process, your bankruptcy attorney and your legal rights. The best place to start is with the U.S. Bankruptcy Code. It delivers protection to people in financial jeopardy who are suffering under mountains of debt. Bankruptcy is your legal right.