New Chapter 7 Law - that tough?

[kramer665]

What is the name of your state?fl With the new ch 7 laws taking effect I have a few qustions I wonder if anyone could answer

1. Will the new law be that tough, say - if someone who earns about 45 - 55k a year, but had over $60-$80,000 in debt they would still be denied, 0r forced into 13.

2. Is the Oct. 17 date the deadline to file, or do you need a file & get a meeting with trustee in by 10/17. Say you filed before 10/17 but your scheduled meeting with the trustee isn't until a month or two after?

3. When you first file do you need to turn in 2-years tax returns then, or at the meeting. And what you have the entire tax return for that year, you just the front ot top page of your 1040 return, would that be good enough


Thanks for any help

[Ladynred]

Is it going to be that tough ??? Damn straight it will. Its going to make filing for bankruptcy more expensive, more time consuming and much more restrictive.

1. Will the new law be that tough, say - if someone who earns about 45 - 55k a year, but had over $60-$80,000 in debt they would still be denied, 0r forced into 13.

If your income is above the median income for your state, then you will be forced into a 5 year Ch 13 if you want bankruptcy protection at all. Even if you're below the median income, if you're able to pay back at least $100/mo to unsecured creditors you will NOT be allowed a Ch 7.

2. Is the Oct. 17 date the deadline to file, or do you need a file & get a meeting with trustee in by 10/17. Say you filed before 10/17 but your scheduled meeting with the trustee isn't until a month or two after?

Your case must be FILED before 10/17. The 341 meeting date means nothing.

3. When you first file do you need to turn in 2-years tax returns then, or at the meeting. And what you have the entire tax return for that year, you just the front ot top page of your 1040 return, would that be good enough

You don't turn in returns at all under the current law - you WILL have to under the new law and ALL your creditors can get copies of them too. You should be prepared to have the last 2 years of returns available in case a Trustee asks.