Bankruptcy is not always the answer

As per the new bankruptcy law, someone who has filed a Chapter 7 bankruptcy cannot do it again for a minimum of eight years, from the date of discharge. So, you must compare there current monthly income with that of the average income for a family of the same size. Current monthly income is said as the monthly average income over the previous six months, before actually filing. Everyone except individuals whose debts stem mostly from business operations and disabled veterans who acquired debt during active duty must meet income requirements, in order to file a Chapter 7. Bankruptcy is not always the answer. There are many other alternatives, which may be more beneficial to you and your current bankruptcy. In the event that the overseeing judge felt that an individual filing for Chapter 7 earned enough income to file for a Chapter 13 re-payment plan, he or she could dismissed the Chapter 7 case. You should then to file Chapter 13.