Martinez Bankruptcy Lawyers
Get the relief you deserve by filing bankruptcy and getting rid of your debts once and for all. Once your case is complete the bankruptcy court signs an order discharging your debts forever. Call today for a FREE OFFICE or FREE PHONE CONSULTATION with our experienced and compassionate Martinez bankruptcy lawyers | attorneys and find out how bankruptcy can help you. 1-877-963-9543
Meet attorney Ryan C. Wood
We are committed to providing you with the best bankruptcy experience for a reasonable fee.
Prior to the passage of the 2005 Bankruptcy Reform Act the process of filing for bankruptcy protection was much simpler and less expensive. The means test was created to try and create a standardized test to see if people have any disposable income to pay back their creditors. This test unfortunately does not exist in reality. It uses some local standards for housing, food, median income and some national standards for expenses for other categories. In theory this test is applied to someone living in Texas and California and the test can correctly determine disposable income even though the cost of living in California is much higher than in Texas. This is where the local standards come into play for things such as housing. For each additional member of your family the means test adds more to what you theoretically can spend to house, feed and clothe the members of your family. It is not a perfect test, but it is what we have to work with. If you have secured debts like a home mortgage or car loan you will usually pass the means test.
The 2005 Bankruptcy Reform Act created two course you must complete to file bankruptcy and obtain a discharge of your debts. Most people complete these courses on the internet. Of course these course cost money to complete. As time has passed the prices for these courses has decreased significantly. Some providers offer the credit counseling course for as little as $5, and the second course, financial management for as little as $9.99.
By
Ryan
C. Wood