Filing for bankruptcy is quite difficult as one need to be well aware of the various laws and directives involved in the process. With the laws undergoing constant upgradation, alteration and modification to keep them perfect and infallible, the task becomes even more difficult. Hence if you plan to file for bankruptcy, it is advisable to seek the guidance of an expert law firm with up-to-date knowledge of all the modern bankruptcy laws under various chapters. People in and around Brooklyn and New York have easy access to the Law Office Of Michael Levitis, which is reputed for employing some of the finest bankruptcy lawyers who are well informed about the latest decrees and rulings related to bankruptcy code.
The Bankruptcy Abuse Prevention and Consumer Protection Act (“BAPCPA”), has freshly instituted a means test t determine the eligibility of a petitioner to file for bankruptcy under Chapter 7. If a person has got a Chapter 7 discharge during the past 8 years, BAPCPA does not allow him to file for bankruptcy protection under chapter 7. The skilled lawyers at the Law Office Of Michael Levitis are well aware of the necessary prerequisites for filing for bankruptcy under Chapter 7.
BAPCPA provides for a person to file for bankruptcy under Chapter 7 bankruptcy only in case he earns less than the average earning for the state. If the income exceeds the average income a test is undertaken to establish the amount of your extra income. If, as per the test results, the extra income that you might earn in the next 5 years, turns out to be more than $100/month, then you are not eligible for protection under Chapter 7. Besides the above mentioned rules, there are several other policies of BAPCPA that one should be aware of before filing for bankruptcy. Hence, it is better to seek the help of a expert bankruptcy law firm such as the Law Office Of Michael Levitis.