subject: Bankruptcy Lawyer: How They Can Help [print this page] Bankruptcy Lawyer: How They Can Help Bankruptcy Lawyer: How They Can Help
A bankruptcy lawyer will not only help you along the bankruptcy process, but can help you to get a low interest rate if you are required to be on a payment plan. Since October 17th, 2005, there have been new rules put into place regarding bankruptcy. These new rules involve qualifications that you must go through in order to have it be determined if all your debt will be wiped away, or just some of it, if any at all. So, going through the bankruptcy process not only takes a lot more time with a lot more work involved than it did back in the day before the year 2005, but going through the bankruptcy process will no longer guarantee that you will have all your debt wiped away! Not only that, but because of all the extra work and time involved with filing bankruptcy (yet millions of Americans still do), bankruptcy lawyers have become a lot more expensive as well.
The new rules for bankruptcy make everyone pass through two main tests. The first test is proof on income. You must prove that your income is lower or equal to the median household's income of your same size. If you do not pass this test, you need to take another test called a means test, which basically is a test to measure how well within your means you are living. All of your expenses are laid out, and then only the ones considered necessary expenses are subtracted from your income. Whatever money you have left over every month from this test is around the amount they may have you pay monthly to start paying back your debt. Depending on how much money you have left over will determine how much, if not all, your debt must be paid back.
