subject: Bankruptcy Help: How It Can Help You [print this page] Bankruptcy Help: How It Can Help You Bankruptcy Help: How It Can Help You
There are many companies that offer programs designed to help with the bankruptcy process. These bankruptcy assistant programs can help you to not only file for bankruptcy, but can help you every step of the way to help you get a lower interest rate on a good payment plan that will be tailored to your needs if you are required to pay off some of your debt. There are also places on-line where you can fill out a form that is a free case evaluation to help you determine if you even need bankruptcy, or, under the new laws, if bankruptcy will even work for you. Lots of times with these evaluations on-line, you can even schedule a call to talk to an attorney free of charge for further evaluation.
Before you think about filing for bankruptcy, however, you should be aware of the new rules that have been enforced since October 17, 2005. You now have to qualify to have your debt removed, and if you partially qualify, you will most likely be required to pay back a portion of your debt anyway. The first qualification test is a test in which you must prove that you have an income lower or equal to the median household your same size. If you do not pass that test, you will be required to take a means test.
A means test is a test that determines how well within your means you are living. Are you living extravagantly, and that is why you are in debt? Or, are you living as cheaply as you can? This test takes all expenses that are deemed necessary, and gets rid of the rest. Then, it looks at how much money you have left over every month after your necessary expenses have been paid for. This amount of money will, lots of times, be around the amount you will be paying back each month to pay back your debt, or at least a portion of it.
