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Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
BAPCPA restricted the number of debtors that could declare Chapter 7 bankruptcy. The act sets out a method to calculate a debtor's income, and compares this amount to the median income of the debtor's state. If the debtor's income is above the median income amount of the debtor's state, the debtor is subject to a "means test." [2]
A maximum wage, also often called a wage ceiling, is a legal limit on how much income an individual can earn. [1] It is a prescribed limitation which can be used to effect change in an economic structure.
Filing also depends on your current income. Chapter 7 is the more advantageous type of bankruptcy because it costs less to file and allows you to eliminate your debt, no matter how much you owe.
Filing Status. Phase-Out Range Begins. Maximum Income for Eligibility. Single and Heads of Household. $150,000. $165,000. Married, Filing Jointly. $236,000
New York Rep. Chris Jacobs overstates income eligibility for potential electric vehicle tax credit. ... 24/7 Help. For premium support please call: 800-290-4726 more ways to reach us. Mail. Sign in.
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