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Between illness, job loss and divorce, more debtors are retaining the services of a qualified Las Vegas bankruptcy lawyer of Total Bankruptcy.
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The current bankruptcy laws have severe implications on people who desire to discharge their debts. A Nevada bankruptcy lawyer may be required to petition the court under a Chapter 13 repayment plan rather than under a Chapter 7 liquidation plan. The centerpiece of this law is the "Means Test", which makes it hard for debtors to prove they may not be able to pay their debts.
What this means to Nevada residents is that if their income is above the state's median income level, they may not be permitted to file under Chapter 7 and must instead use Chapter 13. Chapter 13 requires that debtors enter into a repayment plan rather than simply discharging their debts.
Many consumers may not be permitted to get a fresh start under Chapter 7. The court should first have to determine whether, after the deductions of certain essential living expenses from their income, the debtor can afford to pay 25 percent of nonpriority unsecured debts including credit card bills. Next, their income should be compared to Nevada's median income. If the court determines that the debtor's income is above the median and they are able afford to pay 25 percent of the unsecured debt, the debtor may be disqualified from filing under Chapter 7. Even if their median income is below the state's median, but the debtor can pay 25 percent of the unsecured debt, they may be required to file under Chapter 13 if the court believes that filing for a Chapter 7 may be an abuse of the system.
The means test
In determining the debtor's income and what they may be able to afford to pay, the court does not look at actual expenses, but instead determines expenses based on living standards established by the IRS. The expenses that the court applies to the case may be much lower than actual expenses, thus making the debtor appear to be able to afford a Chapter 13 repayment plan, when in fact they may not.
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The purpose of this web site is to help you learn everything you need to know about bankruptcy, the process, your bankruptcy attorney and your legal rights. The best place to start is with the U.S. Bankruptcy Code. It delivers protection to people in financial jeopardy who are suffering under mountains of debt. Bankruptcy is your legal right.