How Does the Haven Act Impact My Means Test?
The Haven Act, recently passed in the US Senate, is a law that has a major impact on how people can qualify for debt relief. It significantly changes how individuals are tested to determine if they are able to take advantage of bankruptcy services. This article will explore the implications of the Haven Act and explain how it impacts your means test.
Under the current system, potential debtors must complete a means test in order to determine whether or not they are eligible for bankruptcy protection. The means test takes into account an individual's income and expenses, as well as other financial factors such as assets and debts, before determining whether or not a person qualifies for bankruptcy services. The Haven Act impacts this process by changing how the court interprets certain types of expenses when calculating total income.
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