Who Can File for Chapter 7?
There is no way to deny the truth that chapter 7 bankruptcy is very popular in the United States. It makes a person capable of getting rid of paying the debt. To speak the truth, the US government and law imposing department is very caring about the individuals and business firms.
It is a matter of great regret that, many dishonest people try to misuse this special provision. It has been seen that, many people often try to file Chapter 7 bankruptcy even if they are capable of repaying the loan. They conduct such practice to deceive the banks and the government as well.
To prohibit such malpractice US Congress passed a special Act in the year 2005. It is called Bankruptcy Abuse Prevention and Consumer Protection Act. According to this Act, a mean test will be conducted to check the loan payment ability of the debtors. If anyone can pass the mean test, s/he can file chapter 7 bankruptcy. For all Americans, it is important to know the chapter 7 bankruptcy information and its criteria.
Tags: chapter 7 bankruptcy information