In 2005, the U.S. Bankruptcy laws changed because more people were filing Chapter 7 bankruptcy petition instead of Chapter 13. Chapter 7 wipes away unsecured debts such as credit cards and personal loans. Prior to the change in the bankruptcy law, you could file for Chapter 7 even though you had enough money to pay creditors the money you owed them. Now, you can’t choose which bankruptcy chapter you want to file. Instead, you must complete a Means Test. The bankruptcy Means Test is a formula to determine if you…
Read MoreWhat is the Bankruptcy Means Test?
