{"id":598,"date":"2016-10-08T14:52:18","date_gmt":"2016-10-08T19:52:18","guid":{"rendered":"http:\/\/www.mankatobankruptcy.com\/blog\/?p=598"},"modified":"2016-10-05T14:58:08","modified_gmt":"2016-10-05T19:58:08","slug":"the-bankruptcy-abuse-prevention-and-consumer-protection-act-of-2005-bapcpa-and-how-to-declare-bankruptcy-in-mankato-mn","status":"publish","type":"post","link":"https:\/\/www.mankatobankruptcy.com\/blog\/the-bankruptcy-abuse-prevention-and-consumer-protection-act-of-2005-bapcpa-and-how-to-declare-bankruptcy-in-mankato-mn\/","title":{"rendered":"The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) and How to Declare Bankruptcy in Mankato, MN"},"content":{"rendered":"

Coping with the financial and personal hardships that come with<\/span> debt<\/span> <\/span>can <\/span>pose significant struggles for families and business<\/span>es<\/span> alike. While these hardships put pressure on the lives of those involved,<\/span> filing for bankruptcy<\/span> is an option for<\/span> Minnesota<\/span> residents and business owners when <\/span>the <\/span>financial stress of<\/span> debt<\/span> becomes<\/span> overwhelming. T<\/span>he process of<\/span> declaring and filing for bankruptcy, however,<\/span> can add even more difficulties to those struggling with<\/span> debt.<\/span> At<\/span> Behm Law Group, Ltd.,<\/span> we are dedicated to providing expert legal advice and assistance for those considering<\/span> filing for bankruptcy <\/a>in Mankato, MN.<\/span> <\/span><\/p>\n

In October of 2005, a<\/span> law <\/span>was passed <\/span>that requires<\/span> any individuals <\/span>declaring bankruptcy <\/span>to go through credit counseling during the <\/span>180 days<\/span> prior to filing. However, before the <\/span>filing process <\/span>can begin, the filer in question has to take the first step and<\/span> <\/span>see if one actually qualifies for chapter 7 bankruptcy relief. One can qualify for chapter 7 bankruptcy relief by satisfying the \u201cmeans test\u201d of 11 U.S.C. \u00a7707(b). <\/span><\/p>\n

2005 <\/span>Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) <\/span>Means Test<\/span><\/p>\n

The<\/span> <\/span>means test<\/span> is designed to dete<\/span>rmine if an individual <\/span>qualifies for<\/span> filing for <\/span>chapter 7 <\/span>bankruptcy.<\/span> The potential filer must provide <\/span>pay advices, pay stubs and any other evidence of income generation for <\/span>the past six months for<\/span> <\/span>a bankruptcy attorney<\/span> to analyze and <\/span>then <\/span>compare with the median<\/span> Minnesota<\/span> income<\/span> or state average income for a household of similar size to the household of the person seeking to file for chapter 7 bankruptcy relief<\/span>. If the analysis proves that the filer\u2019s income is less than the median, the filer can begin the<\/span> filing process for Chapter 7.<\/span> <\/span>I<\/span>f the filer\u2019s income is found to be greater than the median income <\/span>for a household of that filer\u2019s size <\/span>in<\/span> Minnesota<\/span>, the filer must choose to file <\/span>Chapter 13 bankruptcy.<\/span> <\/span><\/p>\n

To officially begin filing, paperwork detailing<\/span> debts,<\/span> income, living expenses, property, major transactions, and tax returns must be gathered and provided to <\/span>a<\/span> <\/span>bankruptcy attorney<\/span>. With our help, gathering this paperwork won\u2019t be as daunting as it may seem.<\/span><\/p>\n

The<\/span> <\/span>BAPCPA<\/span> Means Test<\/span> is in place to start those considering<\/span> bankruptcy<\/span> on the path that will best suit their financial situation. For more information about declaring <\/span>bankruptcy in Mankato, MN, contact Behm Law Group, Ltd. <\/span>at (507) 387-7200.<\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Coping with the financial and personal hardships that come with debt can pose significant struggles for families and businesses alike. While these hardships put pressure on the lives of those involved, filing for bankruptcy is an option for Minnesota residents and business owners when the financial stress of debt becomes overwhelming. The process of declaring […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[37],"tags":[],"aioseo_notices":[],"yoast_head":"\nBankruptcy | Behm Law Group | Mankato, MN |<\/title>\n<meta name=\"description\" content=\"Educate yourself on the Bankruptcy Abuse and Consumer Protection Act of 2005 and how to declare bankruptcy in Mankato, MN. 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