Can I Still File Bankruptcy Under the New Bankruptcy Law?

The new bankruptcy law has certainly made filing bankruptcy more complicated and time consuming, but the bankruptcy lawyers at our office have adapted successfully to the changes in the new law are experts in the field. One of the most complicated parts of the new bankruptcy law is the bankruptcy means test. The bankruptcy means test is a mathematical calculation used to help determine whether or not a debtor will file a chapter 7 bankruptcy or chapter 13 bankruptcy.

Debtors in Virginia have an advantage over debtors filing in other states because Virginia has a high median income. The state median income is the most important factor in the means test calculation and the high median income for Virginia has made it easier for many debtors to file bankruptcy in Virginia, particularly in the Hampton Roads area where our firm practices.