Legal Question in Bankruptcy in Virginia

Personal Bankruptcy Filing

What is the formula for filing for bankruptcy. I saw a formula where you answer certain questions and if You are left with X amount of money you cannot file. It was in the Washington Post in 2001 but I cannot find it. Thanks


Asked on 2/18/02, 11:10 pm

2 Answers from Attorneys
Daniel Press Chung & Press, P.C.

Re: Personal Bankruptcy Filing

Congress was consiering legislation that would have imposed means tests on the right to relief under Chapter 7 (other Chapters would still be available). This legislation has not yet passed, and there are major differences among the means tests being considered.

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Answered on 2/19/02, 8:20 am
John Sawyer Sawyer & Azarcon, P.C.

Re: Personal Bankruptcy Filing

There is no formula for filing bankruptcy. There are eligibility requirements as to who can be a debtor in bankruptcy. In addition, certain financial requirements such as the value of your assets, the amount of your available exemption, and the amount of your disposable monthly income will determine what chapter you must file. You need to consult with a bankruptcy attorney to analyze your case and explain your options.

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Answered on 2/19/02, 10:05 am


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