Chapter 7: Means Test, Credit Counseling, and Debtor Education Information

Wed, Sep 15, 2010

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The U. S. Government has a “means test” eligibility, credit counseling and debtor education requirements for those who file for Chapter 7 bankruptcy. These came about as a result of changes in bankruptcy in October of 2005.

The “Means Test” and Eligibility for Chapter 7

On the bankruptcy law that went into effect on October 2005, applicants who wish to file under Chapter 7 must meet the requirements based on a “means test”.  You are eligible if your current monthly income is less than the median income in your state.

“Means Test” Information and Requirements (U.S. Trustee Program) you may click on this link to know more information about it as well as links to income figures and other information you will need in order to determine eligibility for Chapter 7..

Credit Counseling and Debtor Education

For people wishing to apply for bankruptcy, they are required to complete a credit counseling program as part of the new bankruptcy law. They are also required to get debt management counseling before completing the bankruptcy process. These filers must work with agencies that have been approved by the U.S Trustee Program, they are a branch of the U.S. Department of Justice that is responsible for overseeing bankruptcy cases. See the links below for more information on credit counseling and debtor education, and some lists of Agencies as well.

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This post was written by:

Peter Mullison - Denver Colorado Bankruptcy Attorney - who has written 228 posts on Denver Colorado Bankruptcy Attorney – Chapter 7 & 13 Lawyers.

Peter Mullison is a Denver, Colorado bankruptcy attorney.

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