If you’re in debt and thinking about filing bankruptcy, you should figure out what you need to do before November 1. This date is important in bankruptcy filing because this is the day the means test schedules come out for the year. With the median income in many states dropping because of the terrible economy, this could possibly affect you with the ability to qualify for Chapter 7 bankruptcy. Congress created this income test for determining eligibility for consumer bankruptcy and the 2005 bankruptcy law. The thought was that you should only get as much bankruptcy relief as you need. Many creditors had previously complained that people were discharging all their debt in Chapter 7, who possibly could have had the ability to make partial payments and a Chapter 13.
