A Look At Bankruptcy Reform Legislation

New bankruptcy reform legislation was passed on April 20, 2005, with the new laws taking effect Oct. 17, 2005.

To learn more about the new bankruptcy reform laws, please see the following sites for more information: ABI and NACBA for current updates. These sites are dedicated to bankruptcy and consumer issues, and they are wonderful sources of information.

Under bankruptcy reform, the “means” test calculation will be partly based upon the IRS collection standards, which are figures the IRS uses to determine acceptable levels of expenses when calculating what a delinquent taxpayer can afford to pay on a tax repayment plan.

To check out the amounts for yourself and view the standards used for each, please see:

• Housing
• Transportation
• Other expenses

For the main page for IRS collection standards, click here.

Contact A Bankruptcy Lawyer At Our Ohio Firm

Debra Booher & Associates is one of the leading consumer bankruptcy law firms in northeastern Ohio. Bankruptcy attorneys at our firm file more than 2,000 bankruptcy cases per year for clients throughout northeastern Ohio, including Akron, Canton, Cleveland and Kent/Ravenna.

Contact our firm online or by calling 888-542-1300 today to discuss bankruptcy reform and other bankruptcy issues.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.