1. The Pros And Cons Of Bankruptcy
What you may also not realise is that the Bankruptcy Act allows the trustee to be paid his or
her fees out of your estate which may potentially be in the tens of thousands of dollars. Our
bankruptcy lawyers will provide you with all the options available to assist you to make the
most appropriate decision in your circumstances. Every bankruptcy is unique and needs to
be handled slightly differently. Yet there are plenty of “bankruptcy mills” out there churning
through hundreds of Chapter 7 filings while offering to handle your financial well-being “on
the cheap.”
In 2005 there were sweeping changes made to the laws regulating personal bankruptcy. This
was the year the Bankruptcy Abuse Prevention And Consumer Protection Act (also referred
to as BAPCPA) was passed. This is also commonly known as bankruptcy reform, and these
changes made it more difficult for some filers to utilize Chapter 7 and have all of their debt
eliminated. The Means Test was put into place to determine whether the income of the filer is
below the median income level for the area where the case is filed.
Under the new law, Americans who have the ability to pay will be required to pay back at
least a portion of their debts. Those who fall behind their state's median income will not be
required to pay back their debts. The new law will also make it more difficult for serial filers to
abuse the most generous bankruptcy protections. Debtors seeking to erase all debts will now
have to wait eight years from their last bankruptcy before they can file again. The law will
also allow us to clamp down on bankruptcy mills that make their money by advising abusers
on how to game the system
An Australian swimmer who’s presently in bankruptcy will be focused on London in his near
future. Nick D’Arcy will try out his best butterfly stroke in just a couple of weeks at the 2012
Olympic Games, but he won’t be able to stick around to celebrate, The Wall Street Journal
reported Australia’s swimming Declaring Bankruptcy In Australia federation has ordered
D’Arcy and one of his teammates to leave London right after they finish competing as
punishment for wielding weapons in a photo that was posted on Facebook. D’Arcy also broke
a man’s eye socket, jaw and cheekbone during a bar fight the night he won his spot on the
2008 Olympic team.
Debt problems affect a whole variety of people and it is usually something that just isn’t
talked about, bankruptcy is seen as a dirty word. But bankruptcy can save lives and
Bankruptcy Nerang has seen it first hand. Bankruptcy Nerang has also seen what happens
when people put off bankruptcy for too long out of pride. Many of our clients come to us after
putting off bankruptcy for too long or after they’ve tried to go through it without seeking help
first, after a few consultations they are glad they decided not to go any further without the
help of Bankruptcy Nerang.