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How New Bankruptcy Laws Affect Bankruptcy

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) does not necessarily make it more difficult to file for bankruptcy. Rather, the BAPCRA simply makes the process of bankruptcy different. Whereas debtors were once capable of choosing between Chapter 7 and Chapter 13 bankruptcy, these new laws prevent some filers with high incomes from filing for Chapter 7 bankruptcy relief.

As our Cincinnati legal team can attest, many people believe that these new bankruptcy laws make the process of bankruptcy more difficult to work through. Unfortunately, many people who stand to benefit from the financial relief bankruptcy can provide choose to not evaluate their options.

Filing for Bankruptcy in Cincinnati After 2005

As part of the laws enacted under the BAPCA, bankruptcy filers will need to determine which of the following forms of bankruptcy they are eligible to file for by comparing their average monthly income against the median income for a comparable household in the state:

  • Chapter 7
  • Chapter 13

Should an Ohio filer’s income be above the state average for a comparable income, that filer may still be able to file for Chapter 7 by passing a means test. Otherwise, that filer will have to file for Chapter 13 bankruptcy.

Consult with a Bankruptcy Lawyer in Cincinnati

If you are considering whether to file for bankruptcy, you should speak with a Cincinnati bankruptcy lawyer at Ryan J. Ruehle Attorney at Law, LLC to begin determining which form of bankruptcy you may be eligible to file under. To discuss your particular concerns with a bankruptcy lawyer in Cincinnati, please call a member of our legal team at (513) 621-0999 today.

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