BANKRUPTCY REFORM EFFECTS
In 2005 the U.S. Congress passed major changes to the Bankruptcy Law. We're up to date on those, but basically for you the law means you have to be sure and have your records of income and bills, and if you make more than the Louisiana Median Income for your household size, you have to file Chapter 13 and make some payments in a Chapter 13 Plan.
In Louisiana most clients will still qualify for Chapter 7 because most are below the Median, which changes regularly and is based on the Census Bureau's periodic reports. Earlier in 2009, the median income for a single wage earner in Louisiana was $36,945; for a family of two, $46,741; for three, $52,628; and for four, $66,634. For each additional member of your household in excess of four add $6,900. If the median income is more than your annualized monthly income (average monthly income for the previous three months multiplied by 12), you qualify for Chapter 7 in Louisiana. NOTE THAT THESE AMOUNTS CHANGE AND THERE IS MORE CALCULATION TO DO, INCLUDING DEDUCTIONS ALLOWED: USE THIS FOR A GENERAL IDEA ONLY AS THERE ARE THINGS WE CAN DO WITH THESE NUMBERS TO QUALIFY IN MANY CASES BY DEDUCTING TAXES, HOUSE NOTES AND OTHER PAYMENTS!!!
Will you still be able to file?
Before filing you will have to attend "debtor orientation"
Chapter 13 requires more information and records of spending and income than under the old law.
PROBLEMS WITH "CREDIT COUNSELORS"
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THE U.S. Congress and President Bush have authorized us by law to state that as to our Bankruptcy Work at this Law Firm, WE ARE A DEBT RELIEF AGENCY. WE HELP PEOPLE FILE FOR BANKRUPTCY RELIEF UNDER THE BANKRUPTCY CODE.