Do the new Bankruptcy Laws make it tougher to file?
Just before the new bankruptcy law went into effect October 2005, there were a number of reports in the media that really didn’t tell the full story about bankruptcy reform, and left consumers with the impression that bankruptcy would be difficult or impossible for them to file. However, a recent study showed that the vast majority of consumers who filed bankruptcy under the old law would still have been able to file under the new law. The fact is that the bankruptcy system is still firmly in place to allow people who are in trouble financially to get a fresh start. Sometimes, this is achieved through a Chapter 7 bankruptcy where most debts are discharged, and sometimes this is achieved through a Chapter 13 repayment plan, where part or all of your debts are repaid with future earnings over a 3 to 5 year period. One of our experienced bankruptcy attorneys can examine your financial situation and discuss alternatives with you, and determine whether you are eligible to file and under whi
