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The financial inability of a member to pay their debts. The member surrenders their assets to the bankruptcy court. Typically a Chapter 7 (all debts wiped out) or Chapter 13 (establishes a payment plan to payoff the debts). A bankruptcy remains on the members credit report for 7 years.

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Can You File For Chapter 7 Bankruptcy?
By Nikola Govorko
Most people file for Chapter 7 because of the three main reasons:

1. It is much faster then the other Chapters. With a little effort on your side, you can have the entire process over in next four to six months.

2. It is also simpler to file. No frequent visits to court are required.

3. There are no after payments. Once your is discharged that is it, you are debt free. (Under the 2005 law, not all debts can be discharged anymore so consult with your attorney before filling).

On the other hand, Chapter 7 has a catch, the court will decide whether you are allowed to file for it or not. One of the main reasons why you can be denied to file for Chapter 7 is your income. If it happens to be sufficient to payoff some of your debts (after your allowed living expenses have been counted in) then you might be forced to file under Chapter 13 law.

How to check if you can apply?

First thing you need to do is to calculate your average earnings in the last 6 months and compare it with average income for the state you live in. You will be allowed to file under Chapter 7 if your income happens to be lover or the same as the median income of

Playcast Media Announces Game Publisher Partnerships at Game Developers Conference for First Ever Cable and IPTV Games-On-Demand Service
Playcast Media announced today at the Game Developers Conference partnerships with some of the video game industry’s top publishers including Atari, Capcom, Codemasters and THQ, as well as independent publishers/developers DDI, Strategy First and Zushi. Playcast Media delivers high-quality console-free video gaming directly through existing Cable and IPTV set-top boxes and is the first gaming-on-demand technology for Cable and IPTV in the world. (PRWeb Mar 10, 2010)

Read the full story at http://www.prweb.com/releases/playcast/gdc/prweb3683934.htm

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New Research Finds Variable Annuity and Life Policy Holders Eager to Adopt Electronic Delivery of Prospectuses and Related Compliance Documents
Comprehensive Study Shows Overwhelming Consumer Interest; Yet Few Providers Articulate and Capitalize on Their E-Delivery Capabilities and Offers (PRWeb Mar 10, 2010)

Read the full story at http://www.prweb.com/releases/variable_annuity/e-delivery_prospectus/prweb3699434.htm

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Free Ethics Education from the Industry Leader -- The Institutes Announce New Ethical Guidelines Learning Module
To support and encourage the study and practice of business ethics, The Institutes (http://www.aicpcu.org/?utm_source=prweb&utm_medium=text_link&utm_content=031010&utm_campaign=PRWeb) have developed the free “Ethical Guidelines for Insurance Professionals” learning module. Designed specifically for insurance practitioners, this online learning module outlines an ethical framework. Illustrated with insurance-based case studies, it is a practical and engaging tool for studying ethics, no matter what your job function, level, or years of experience. This unique learning module can be completed in just a matter of hours. (PRWeb Mar 10, 2010)

Read the full story at http://www.prweb.com/releases/Institutes/Ethical_Guidelines/prweb3702484.htm

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CardRatings.com Research Confirms Consumers' Worst Fears Concerning Credit Card Rate and Fee Hikes
CardRatings.com -- the most comprehensive free source for comparing credit card offers -- recently conducted an informal poll asking site visitors if their credit card rates have increased in the past six months. Eighty-six percent of respondents said yes, in line with site research showing that average interest rates have climbed to 14.89 percent over the past year. (PRWeb Mar 10, 2010)

Read the full story at http://www.prweb.com/releases/2010/03/prweb3702724.htm

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Local Market Monitor's Home Price Forecast Points to Signs of Slow Market Recovery
Local Market Monitor's home price data indicates many previously poor-performing markets, including several in California, are well past the worst (PRWeb Mar 10, 2010)

Read the full story at http://www.prweb.com/releases/2010/03/prweb3703134.htm

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the state you live in.

In case that your average income is higher than that, and you still want to apply for Chapter 7 you will have to go through one more test called the Means Test.

So what is a means test?

It is a test based on the results calculated for your allowed living expenses.

How to calculate my living expenses and what can I include in it?

It is actually quite easy to calculate it. Take all your income from one average month and deduct the following allowed expenses:

1) Utility bills, transport (gas), food, clothing. (Make sure to use IRS amounts for these or the court will not take it in to account).

2) Your secured monthly payments like child support, car loan, mortgage and tax.

After you finish with the calculation and your average disposable income per month is lover then $100, you have passed the means test and you stand a fair chance of being approved to file for under Chapter 7.

If on the other hand your disposable income happens to be more than that (figure most often mentioned is $166, but it can vary), you will most likely have to file under Chapter 13 of the law. That is unless you can provide evidence that there are some special considerations to be taken in your account.

For any figures between $100 and $166, it is best to consult with your attorney. Make sure to find an attorney that specialize in and credit repair and has the solid reputation.

www.Debt-Free-Family.com is dedicated to help you live and debt free life. Visit us and learn all you need to know about Bankruptcy Law Chapter 7.

We strive to provide only quality articles, so if there is a specific topic related to bankruptcy that you would like us to cover, please contact us at any time.

And again, thank you to those contributing daily to our connecticut bankruptcy lawyer website.

Playcast Media Announces Game Publisher Partnerships at Game Developers Conference for First Ever Cable and IPTV Games-On-Demand Service
Playcast Media announced today at the Game Developers Conference partnerships with some of the video game industry’s top publishers including Atari, Capcom, Codemasters and THQ, as well as independent publishers/developers DDI, Strategy First and Zushi. Playcast Media delivers high-quality console-free video gaming directly through existing Cable and IPTV set-top boxes and is the first gaming-on-demand technology for Cable and IPTV in the world. (PRWeb Mar 10, 2010)

Read the full story at http://www.prweb.com/releases/playcast/gdc/prweb3683934.htm
]]> New Research Finds Variable Annuity and Life Policy Holders Eager to Adopt Electronic Delivery of Prospectuses and Related Compliance Documents
Comprehensive Study Shows Overwhelming Consumer Interest; Yet Few Providers Articulate and Capitalize on Their E-Delivery Capabilities and Offers (PRWeb Mar 10, 2010)

Read the full story at http://www.prweb.com/releases/variable_annuity/e-delivery_prospectus/prweb3699434.htm
]]> Free Ethics Education from the Industry Leader -- The Institutes Announce New Ethical Guidelines Learning Module
To support and encourage the study and practice of business ethics, The Institutes (http://www.aicpcu.org/?utm_source=prweb&utm_medium=text_link&utm_content=031010&utm_campaign=PRWeb) have developed the free “Ethical Guidelines for Insurance Professionals” learning module. Designed specifically for insurance practitioners, this online learning module outlines an ethical framework. Illustrated with insurance-based case studies, it is a practical and engaging tool for studying ethics, no matter what your job function, level, or years of experience. This unique learning module can be completed in just a matter of hours. (PRWeb Mar 10, 2010)

Read the full story at http://www.prweb.com/releases/Institutes/Ethical_Guidelines/prweb3702484.htm
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	What Is A Means Test Under Chapter 7 Bankruptcy? By Nikola Govorko In the recent years, bankruptcy has become the only way out for many people suffering unbearable debts. According to the US law, a business, partnership, a corporation or an individual like you and Read more...
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