Bankruptcy News

New Bankruptcy Law 2005

Beginning on October 17, 2005, most individual debtors filing for bankruptcy relief were required to complete either Official Bankruptcy Form B22A or B22C (Statement of Current Monthly Income and calculations). Bankruptcy Form B22A is the form most chapter 7 debtors will complete for “means testing” purposes; Form B22C is the form most chapter 13 debtors will complete. [The Official Bankruptcy Forms can be found on the New and Revised Official Forms page on the Administrative Office of the U.S. Courts Web site.]

A debtor must enter income and expense information onto the appropriate form (i.e., Form B22A or Form B22C)and then make calculations using the information entered. Some of the information needed to complete these forms, such as a debtor's current monthly income, comes from the debtor's own personal records.

However, other information needed to complete the forms comes from the Census Bureau and the Internal Revenue Service (IRS). This Web site reproduces the Census Bureau and IRS necessary to complete Bankruptcy Forms B22A and B22C . The source data reproduced here is also available directly from the IRS and Census Bureau using the links at the bottom of this page.

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	Did You Know?
	Repossession is the power of the creditor to take back goods There are two types of loans: secured and unsecured. A secured loan is one that requires you to pledge something as collateral. For example, if you purchase a car, the creditor will usually require you to put up the car as collateral. On the other hand, an unsecured loan, does not require collateral. Using a credit card is usually an unsecured loan.