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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).
Filing Bankruptcy In Montana
New laws for filing bankruptcy went into effect in October of 2005, dramatically changing the landscape for consumers who are overwhelmed with credit card debt, medical bills, repossessions, or collections debt. The changes were sweeping. Other than the significant changes for dealing with residence requirements for bankruptcy exemptions, an increase in the total costs associated with declaring, and a number of other changes to make the process of qualifying more difficult, the biggest change has to do with the fact that Montana consumers no longer can choose which bankruptcy option they would prefer to file if they fit under a certain set of criteria. Those conditions are:
1. They earn more than the median income in Montana and
2. They fail to pass the chapter 7 means test, which is just a set of questions used to determine how much disposable income a person has based on their income and expenses (not your actual expenses, however. They are based on IRS national and local averages).
Detailed below is information regarding the median income in Montana as of 2006:
2-person families 46,748
3-person families 52,111
4-person families 60,576
5-person families 55,580
6-person families 55,518
7-or-more-person families 54,463
For consumers who fall above the median and fail to pass the means test, they may be required to file Chapter 13 bankruptcy, which requires you to pay off part or all of your debts over a three to five year period. Given the fact that your credit will still suffer the catastrophic credit effects of a bankruptcy, this debt solution is far from ideal.
In light of these facts, many Montanans are researching other debt options like credit card counseling programs and debt negotiation services. If you would like to get a free consultation about the debt relief programs available to help you, fill out an application and PayingPaul.com will match you with a company to assist you!
Montana Consumer Credit Counseling Services
Montana Bankruptcy Laws
Montana Debt Collection
Montana Bankruptcy Filings
2004: 4,223
2005: 5,770
2006: 1,806
2006 saw a major decrease in the number of people who filed bankruptcy in Montana. Overall there was a 3,964 difference between 2005 and 2006, which amounts to a 68.7% decrease. With Chapter 13 the only option available for higher income debtors, many have instead begun turning to debt settlement & negotiation as a solution for credit cards.
Filing Bankruptcy In Montana
New laws for filing bankruptcy went into effect in October of 2005, dramatically changing the landscape for consumers who are overwhelmed with credit card debt, medical bills, repossessions, or collections debt. The changes were sweeping. Other than the significant changes for dealing with residence requirements for bankruptcy exemptions, an increase in the total costs associated with declaring, and a number of other changes to make the process of qualifying more difficult, the biggest change has to do with the fact that Montana consumers no longer can choose which bankruptcy option they would prefer to file if they fit under a certain set of criteria. Those conditions are:
1. They earn more than the median income in Montana and
2. They fail to pass the chapter 7 means test, which is just a set of questions used to determine how much disposable income a person has based on their income and expenses (not your actual expenses, however. They are based on IRS national and local averages).
Detailed below is information regarding the median income in Montana as of 2006:
2-person families 46,748
3-person families 52,111
4-person families 60,576
5-person families 55,580
6-person families 55,518
7-or-more-person families 54,463
For consumers who fall above the median and fail to pass the means test, they may be required to file Chapter 13 bankruptcy, which requires you to pay off part or all of your debts over a three to five year period. Given the fact that your credit will still suffer the catastrophic credit effects of a bankruptcy, this debt solution is far from ideal.
In light of these facts, many Montanans are researching other debt options like credit card counseling programs and debt negotiation services. If you would like to get a free consultation about the debt relief programs available to help you, fill out an application and PayingPaul.com will match you with a company to assist you!
Montana Consumer Credit Counseling Services
Montana Bankruptcy Laws
Montana Debt Collection
Montana Bankruptcy Filings
2004: 4,223
2005: 5,770
2006: 1,806
2006 saw a major decrease in the number of people who filed bankruptcy in Montana. Overall there was a 3,964 difference between 2005 and 2006, which amounts to a 68.7% decrease. With Chapter 13 the only option available for higher income debtors, many have instead begun turning to debt settlement & negotiation as a solution for credit cards.