The new bankruptcy laws require debtors to attend classes and may prohibit a debtor from filing Chapter 7. A debtor that files a Chapter 7 or 13 bankruptcy case must also complete a personal financial management course. The certificate of completion of the course must be filed with the bankruptcy court. A debtor must also undergo credit counseling.

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One of the new bankruptcy laws prohibits a debtor with a higher income from filing under Chapter 7. If an individual debtor's monthly income is less than or equal to the median income for the debtor's size household in the debtor's state, the debtor can file under Chapter 7.

If the debtor's income is greater than the median income, the debtor must pass the "means test". This test figures if the debtor has enough disposable income to make payments on a Chapter 13 plan. Only certain expenses and required debt payments are allowed to be subtracted from the debtor's income.

The free Bankruptcy Worksheet is a good place to start for anyone considering the legal issues surrounding personal or business bankruptcy. You can also find a bankruptcy lawyer today to help you with credit and bankruptcy legal information and bankruptcy filing.

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Get started Ask a Lawyer a Question You'll hear back in one business day.