Changes in New York, New Jersey and CA Means Test figures: the affordable bankruptcy filing on time

If you are intent of New York or New Jersey or file for bankruptcy in California, for example, or an interest in the business of personal bankruptcy as a professional, or consumer or bankruptcy petition preparer, it is important that you know this . That is, no change in New York, New Jersey or California means test figures, as in most other states in the nation. Only last November 1, 2010, the income figures used in the calculation of "evidence" the numbers of consumer bankruptcy, changed substantially. These revenue figures are published by the U.S. Census Bureau.

What is important to note, if you are a debtor provides economic bankruptcy filing on time, or trying to present is that these changes could have serious implications for how, when or if even you can qualify for bankruptcy in their condition in terms of how it may affect their time the most important "means test" results-the main element that determines whether you qualify to file under Chapter 7 or Chapter 13. The point here is with the planning of your bankruptcy.

What is the means test?

There are basically two types of bankruptcy available under the current bankruptcy law, if you declare personal bankruptcy of customers - Chapter 7 and Chapter 13 rate. And you will be able to present either of these two, depending on which of them is eligible to receive under its income and expenditure structure. It makes a big difference which of the two types that can qualify. Why? Because the chapter 7 bankruptcy new york, also known as "straight bankruptcy," basically allows the "approval" (eliminate) most of your debts, but in return for which you have to give up any property that has , if any, that are not "exempt" permitted by law. And conversely, for Chapter 13 type (also known as "bankruptcy fee"), you will need to develop a "payment plan" arrangement with creditors and agree to pay all or part of your debts into one period of three to five years under the supervision of the bankruptcy court, but you have to keep all properties regardless of value.

But here's the important point here: basically what determines who is entitled to file for bankruptcy, or if you (the debtor) must be eligible to file under Chapter 7 or Chapter 13 type, is simply this: the results EVIDENCE LOS calculations.

Basically, the way it works is that the mechanism of means test will be the calculation of the last six months of income of the debtor as of the date of the calculations and the resulting figures will tell whether you qualify to file Chapter 7 or a Chapter 13.

New York changes in the numbers of test:

In practical terms, this is what this means to you as an attempt by the debtor in the bankruptcy filing timely financial. These test calculations means it is based primarily on the "median income" of the debtor in the state and locality of the debtor. So, assuming you're a New Yorker bankruptcy filing in that state, and which are expected to submit presentation or AFTER October 31, 2010 (the effective date of last modification), the median income for each size family, reflecting the new changes in New York means test figures would be as follows:

One employee - $ 41,554
2 people - $ 50,367
3 people $ 60,850
4 people - $ 72,170

The figures changed to New Jersey

If you are a New Jersey trying to present timely financial bankruptcy in New Jersey, and are doing so after October 31, 2010 (the effective date of last modification), the median income for each family size , reflecting the new changes in New Jersey means test figures would be as follows:

One employee - $ 51,881
2 people - $ 61,375
3 people $ 77,728
4 people - $ 90,261

And if you're a Californian trying to present timely financial bankruptcy in California, and are doing so after October 31, 2010 (the effective date of last modification), the median income for each family size, the reflecting the new changes in California means test figures would be as follows:

The figures changed to California

One employee - $ 43,107
2 people - $ 57,237
3 people $ 62,112
4 people - $ 70,712

Now, to make the necessary calculations based on these new figures, if the income of the state were above these figures, we should complete the rest of the form of means test, which means that you can not qualify for bankrupt economic bankruptcy in Chapter 7 and may be forced to have to file under chapter 13 bankruptcy new york instead of Chapter 7.

In essence, the point is that, mainly due to the economic situation in general in America, and the fact that a growing number of employers have been cutting wages, as more and more people are losing their jobs, the thresholds MEDIAN have fallen at the same time, however, while the threshold for filing a Chapter 7 bankruptcy has increased. In summary, in this economy, as their incomes and a growing number of Americans falling, so too can their ability to file a Chapter 7. Therefore, for a bankruptcy filing in New York, for example, this means that the test of New York figures change means in practical terms for you, is that despite their financial situation may be the same right on the day before the new income threshold kick it more difficult for you to file Chapter 7 on the day immediately after the October 31, 2010, the cost is probably increasing, and income median in your state may have been declining. The meaning therefore that makes it more likely that your chances of getting relief from the crippling burden of debt through a Chapter 7 bankruptcy, have been declining.

THE MESSAGE?

The central importance here is the planning of bankruptcy in order to have the most beneficial time. The point is that when it comes to the monumental issue of personal financial decision of whether or when to file for bankruptcy, can often be very unwise and ill-advised for you to wait until the last minute to plan or to speak with the right advisors to properly inform or help, since the delay can only cause you to lose the qualification to file under Chapter 7. In other words, timely filing for bankruptcy, which means to take a means test on time, is the key to everything to have the most beneficial bankruptcy.

Fortunately for borrowers, there are currently available today a handful of specialized companies that offer free trials online or real economic and can provide these services to really low prices that allow you to make a presentation at term economic collapse . This is skilled and experienced professionals who specialize in the procedure. And should consider going to get a proof of one of these suppliers as quickly as possible. Usually get a debtor who is simply interested in filing for bankruptcy and just want to know whether or not qualified to file for bankruptcy, half full of the evidence fairly cheap and affordable prices for the average debtor. This means that prices as they are, after all, rather than to prepare a routine means test form, are more in line with the charges that you would find in the middle of your tax preparer for the preparation of their routine forms of tax year!

With specific reference to changes in New York, New Jersey and California means that the figures cited above test, now, let's say you're a New Yorker, for example. What do the changes in the number of test state media means for you in terms of planning for bankruptcy? Once you have taken the test, if you were to find, for example, from test results that are within the limits of the limits of the State of new revenue, then you may have to decide for himself whether was no need to file a bankruptcy case as soon as possible, although it is the past October 31, 2010 for you to qualify to file under Chapter 7.