How to file bankruptcy debt?

This is a common misconception, some level of fault is required to file for bankruptcy, but the amount of debt you has no bearing on the question whether you must file. Their inability to repay your debt is what makes necessary bankrupt. Depending on your income and payment ability you will be able, Chapter 7 or chapter 13, bankruptcy file. MisconceptionsA common myth about the bankruptcy is that you lose your House into bankruptcy, but you can deposit exceptions to keep these necessary elements such as housing, tools, and work-related material. Another misconception is that you can produce bankruptcy if you control to the tax authorities. The truth is the IRS will be just another bankruptcy.Chapter creditors during the passage of the 7Before bankruptcy abuse is prevention and Consumer Protection Act of 2005, Chapter 7 the most common form of bankruptcy, because the debt was often rejected and nothing had you regardless of your ability, a form generate income. The new legislation is much more difficult to do because it is a means test to determine whether you would be allowed, for Chapter 7 file TestBefore was meant new legislation in December 2005 adopted, the judges were able to decide if a person for bankruptcy Chapter 7 and chapter 13 has filed. However, standardized guidelines were introduced in 2005 and the debtor's ability to repay creditors determines two tests. One of them is the way that test consists of two parts. The first part determines whether you can repay the 25% not priority, such as for example credit card debt not guaranteed debt. Exceptions such as rent and food are ausgenommens income so hung on that before all creditors are paid. The second part compares your income to yourState median income. If your income has been reached or exceeds the median income for you chapter 13 files, and create a payment plan. If your income is less than the median income, you file SousChapitre 7 Chapter 13After 2005, chapter 13 is no longer allowed to use the lack of physical resources debtor such as such as a ground of non-payment of creditors. Height of stable income consider chapter 13 bankruptcy the debtor and this weighs against its ability to repay of the debt. Before 2005 debtor can their refund with Chapter 7, what to take, what assets could limit creditors. "Best Effort" RuleThe "best effort" rule created a repayment plan give not less than secured creditors amount would have gotten you in Chapter 7. Monthly income should be used to pay creditors. For amount, monthly income of 36 (below the median income) or 60 (above median) multiplied by this test. This calculation determines what level of disposable income and for how long the debtor will reimburse, the creditors.ConsiderationsMortgages, the leases, the taxes and support payments considered debt priority, so that they are impossible to determine the amount in the repayment plan the total monthly income. Not on debt without the consent of the judge take the insolvency law. If new debts for the maintenance of conditions of life and working conditions is necessary, it is widely recognised.