Effective March 15: The Census Bureau's Median Family Income Data, Chapter 13 Administrative Expense Multipliers and IRS Allowable Living Expense figures are revised effective March 15th. You can also visit: www.justice.gov/ust/eo/bapcpa/meanstesting.htm for detailed information from the Department of Justice.
For you, this means that the bankruptcy courts have taken into consideration the increased standard of living and will allow greater deductions for your bankruptcy. Many debtors have become fearful of the new bankruptcy changes that came into effect 2005. There are changes but you still have rights so get legal advice before you feel that you are not eligible to file for bankruptcy.
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ReplyDeleteThe reality is that many honest, hardworking people find themselves struggling to get out from under crushing debt and need to seek a bankruptcy lawyer.
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