BAPCPA Means Test
My residence has six rooms total, do I need to write a more detailed explanation of how I arrived at the $62,400.00 and send it to the trustee? What do I need to do if anything to show I have not underestimated my annual income so my plan will be accepted?First, every room is in the room is $500, unless the person has furnishings that may be costly. Second, According to the US Justice Department website, this is the official source for the state union. The person should check the link for more information.
http://www.justice.gov/ust/eo/bapcpa/20111101/bci_data/median_income_table.htm. Third, the Chapter 13 plan payment is directed toward where your income is headed, and it can be altered with a change in the amount of money a person brings in; so yes, if that person can show the trustee that their future income will be less than in the past 6 months, then the plan payment should be lower.
The length of the plan depends mainly on the average monthly income for the 6 months before filing takes place. The length of time for the plan repayment cannot be changed with a change in income.
How many times can you file Bankruptcy in Michigan?The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 made multiple changes to the Bankruptcy Code. It was a change as to how many times you could file for bankruptcy; it was a long extension given to people that did file. Section 727(a)(8) was amended to provide that the debtor would be turned down a removal if a debtor had received in deleting the debt in a prior Chapter 7 case filed within eight (8) years of the filing of the present case. Before the act was developed, it was six years between the chapter 7 bankruptcy filings; so 6 years still remains as the rule that was presented.
Is my New York IRA safe from a civil lawsuit judgment?In many situations an IRA is safe from a civil lawsuit judgment being dealt. BAPCPA extends protection by qualified plans to traditional and Roth IRAs.
I need to take the cash out of my SEP to live on. Should I do that before or after, I send the letter to the collectors?The biggest thing at hand is about the creditors receiving a judgment against the individual and trying to make sure that the judgment is seized by assets before any other thing is to be taken place. The person has not indicated that they have reached the point that involves taking any legal action. The best thing to do is to not both cease and desist letter or a letter declaring inability to pay; because the first letter is sent by an attorney that sends to a creditor to give notice of the bankruptcy that is being taken by the creditor.
Since the BAPCPA has been into effect, it has stood to the purpose of what the bankruptcy system was established for and that’s to provide consumer protection and combating fraud and abuse. Its goal is to make sure that everything is handled smoothly without any complications.