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You Can’t Just Declare Bankruptcy

You Can't Just Declare Bankruptcy

There are many circumstances that people, both young and old, are facing that has them considering declaring bankruptcy. This may not be as easy as one with no experience in this area of law may believe it to be.

There are many reasons to choose this avenue to prevent loss of your home and other assets you have worked for years to obtain. Here are the top five reasons that most bankruptcy filings are made.

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Passing the Means Test in Florida

Passing the Means Test in Florida

In 2005 a new bankruptcy law was passed to make it harder for those who had run up unsecured debt to declare bankruptcy. The banking industry wanted to have those with higher incomes pay off some of the unsecured debt that these individuals were responsible for. The old law, they believed, seemed to encourage these individuals to just file in the court for a Chapter 7 or 13 bankruptcy and keep most of their assets, since many of the items purchased were older or even no longer in existence and the banks were netting very little return payment in the Chapter 7 liquidation process. This new law created what is known as The Means Test. In today’s world this test has become a starting point in the beginning of the bankruptcy process.

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How to File for Bankruptcy with No Money

How to File for Bankruptcy with No Money

If you have ever searched online, “how to file bankruptcy with no money,” you have likely come across a few ads offering the so-called free services to file bankruptcy. As with anything else in life, these offers are too good to be true. If you are going to be facing the federal courts, as you must when filing for bankruptcy, you need to have a qualified bankruptcy attorney on your side.

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