http://www.financenewspro.com/four-important-things-to-know-before-filing-for-bankruptcy/ Professional Finance News And Articles Thu, 17 May 2012 15:29:46 +0000 http://wordpress.org/?v=2.3.1 http://www.financenewspro.com/four-important-things-to-know-before-filing-for-bankruptcy/#comment-1967 1Clickbankruptcy Mon, 05 Oct 2009 20:19:05 +0000 http://www.financenewspro.com/four-important-things-to-know-before-filing-for-bankruptcy/#comment-1967 Actually since the "means test" was added as a requirement in Oct 2005, over 90% of people wishing to file chapter 7 bankrutpcy are still able to do so. The chapter 7 means test allows for six pages of exemptions and household deductions that can be deducted off your annual income. These deductions are usally adequate to qualify for a chapter 7 filing unless you have a much higher income than the median adverage for your state. Actually since the “means test” was added as a requirement in Oct 2005, over 90% of people wishing to file chapter 7 bankrutpcy are still able to do so. The chapter 7 means test allows for six pages of exemptions and household deductions that can be deducted off your annual income. These deductions are usally adequate to qualify for a chapter 7 filing unless you have a much higher income than the median adverage for your state.

]]>