The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 was enacted into law in 2005. This act requires a "means test" to see if debtors qualify for Chapter 7 bankruptcy relief.
The test examines the debtors monthly income and expenses and compares them to the median income in our area. Generally, if the debtor make less than the median income for a family of their size, the debtor is allowed to file Chapter 7. If the debtors income exceeds the median income, the debtor may not be allowed to file Chapter 7, but may be allowed to file Chapter 13, which may require repayment of some of debtorsdebts within three to five years. Contact us at our firm (850) 434-8904 or www.farrarlawfirm.com to see if you would qualify for bankruptcy.
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