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(The following is for educational purposes only, and it should not be construed as legal advice. PayingPaul.Com makes no guarantees about the accuracy of any information included here. For legal advice, please consult an attorney or lawyer in your state).
Maine & the New Bankruptcy Laws
Let’s hope you don’t have an above average income and expect to file Chapter 7 bankruptcy in Maine. As of 2005, Congress revamped the bankruptcy laws to account for Americans’ loss of “shame” when it comes to filing and make it not only more difficult to qualify for, but also a far less appealing option. The most important piece of this puzzle was act’s requirement that people who earn more the median income in their state to pass the bankruptcy means test in order to qualify for Chapter 7. The following is median income information for Maine as of 2006:
2-person families 46,378
3-person families 58,225
4-person families 63,501
5-person families 64,680
6-person families 61,070
7-or-more-person families 51,779
The reason why Chapter 13 is so distasteful to most consumers is the fact that it requires you to devote your disposable income to the courts for a period of up to five years, and even though you are essentially paying back the debt, it is still never considered satisfied and thus can affect your credit almost as severely as a Chapter 7.
Bankruptcy Figures For Maine
2004: 4,370
2005: 6,470
2006: 1,238
Maine is a state that has a historically low consumer bankruptcy rate already, but it has dwindled even more so in light of the new bankruptcy laws. Between 2005 and 2006, the number of people declaring bankruptcy in Maine dropped by 5,232 or 80.8 percent. That being said, debt problems do continue to exist in the state. The only difference is debtors have sought out other remedies for debt advice.
More Resources For Maine Consumers
Maine Consumer Credit Counseling Services
Maine Bankruptcy Laws
Maine Debt Collection
Maine & the New Bankruptcy Laws
Let’s hope you don’t have an above average income and expect to file Chapter 7 bankruptcy in Maine. As of 2005, Congress revamped the bankruptcy laws to account for Americans’ loss of “shame” when it comes to filing and make it not only more difficult to qualify for, but also a far less appealing option. The most important piece of this puzzle was act’s requirement that people who earn more the median income in their state to pass the bankruptcy means test in order to qualify for Chapter 7. The following is median income information for Maine as of 2006:
2-person families 46,378
3-person families 58,225
4-person families 63,501
5-person families 64,680
6-person families 61,070
7-or-more-person families 51,779
The reason why Chapter 13 is so distasteful to most consumers is the fact that it requires you to devote your disposable income to the courts for a period of up to five years, and even though you are essentially paying back the debt, it is still never considered satisfied and thus can affect your credit almost as severely as a Chapter 7.
Bankruptcy Figures For Maine
2004: 4,370
2005: 6,470
2006: 1,238
Maine is a state that has a historically low consumer bankruptcy rate already, but it has dwindled even more so in light of the new bankruptcy laws. Between 2005 and 2006, the number of people declaring bankruptcy in Maine dropped by 5,232 or 80.8 percent. That being said, debt problems do continue to exist in the state. The only difference is debtors have sought out other remedies for debt advice.
More Resources For Maine Consumers
Maine Consumer Credit Counseling Services
Maine Bankruptcy Laws
Maine Debt Collection