Filing bankruptcy is not an easy task and one has to have a thorough knowledge of the laws and procedures which are needed to be followed while filing bankruptcy. From time to time laws are update, changed and modified to make them more accurate and fool proof. This makes filing bankruptcy even more difficult. Therefore, for if you are planning to file bankruptcy, you must go to a law firm which has an in-depth knowledge for all the latest laws related to chapter 7, 11 and 13 of bankruptcy law. Law Office Of Michael Levitis.is a well known law firm in New York and Brooklyn which has best bankruptcy lawyers working with them who are well versed with the latest laws and rulings pertaining to bankruptcy law.
Recently the Bankruptcy Abuse Prevention and Consumer Protection Act (“BAPCPA”) introduced a means test which determines whether a person is financially eligible to file for bankruptcy under Chapter 7 or not. If you have received a Chapter 7 release in the previous 8 years you cannot file for bankruptcy protection under chapter 7 as per BAPCPA. Attorneys at the Law Office Of Michael Levitis have comprehensive knowledge of latest BAPCPA rules and know what all things need to be taken care of to file for bankruptcy under Chapter 7.
Under BAPCPA you are eligible for Chapter 7 bankruptcy protection only if your income is less than the median income in your state. If your income is more than the median income in your state, then a test is applied to determine if your disposable income is more. If during test it’s found that your expected disposable income for the next 5 years is going to be higher than $100/month, you are not eligible for protection under Chapter 7. There are many rules in BAPCPA that you need to know apart the above stated ones so it’s better to hand over your rein in the hands of a seasoned law firm like Law Office Of Michael Levitis.