In every aspect of life, there seem to be people who try to cheat the system, even when it comes to bankruptcy. These people who are filing bankruptcy are living in a fancy house and driving a nice car. To prevent such fraud, bankruptcy laws have been set forth. Before you file for bankruptcy, here are a few facts to keep in mind.
Qualifications
Federal bankruptcy laws allow those who qualify for bankruptcy to file. Determining whether you’re qualified is done through the means test, which takes your income and then subtracts your expenses to determine your disposable income.
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