new law

[phas]

What is the name of your state?ky
Since the senate passed the new bankruptcy law yesterday. How long will it be before it takes effect? What changes will be made that will make it harder
to file, like over credit cards?

 

[Barto]

Here's a good article:

http://moneycentral.msn.com/content/Banking/bankruptcyguide/P42912.asp

It seems that the homestead exemption part will take effect immediately, for the rest of the bill it will be six months.

The means test will be based on the median income of a family of four in your state - find that out at http://www.census.gov/hhes/income/4person.html.

I don't know how you would figure out where you are in relation to the median if your family is larger or smaller (maybe, divide by four, then multiply by the number of people in your family???).

 

[oldedude]

you may also be interested in the new Kentucky Legislature House Bill 248 change that allows you to take the Federal exemptions.
http://www.lrc.ky.gov/record/05rs/HB248.htm
This has passed, and been sent to the Govenor for signing.

This will take effect 90 days after adjournment

 

[ylen13]

so they say they will force you to pay if you are making minum of medium income. So will happen when this people quit there job and get a job in McDonalds they are no longer making medium income are they going to get elegible for bankruptcy protection?