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I heard the Bankruptcy Laws changed in 2005, so almost nobody is eligible to file a Chapter 7, right?

April 26, 2017Bankruptcy changed chapter 7 eligible file heard Laws right

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I heard the Bankruptcy Laws changed in 2005, so almost nobody is eligible to file a Chapter 7, right?

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WRONG. A common misconception is that after the law changed in 2005, very few people are eligible to file Chapter 7. That is simply not true. Pelley Law Office, L.L.P. recently did a study comparing whether the percentage of Chapter 7s versus Chapter 13s we have filed since 2005 has significantly decreased. It has not. To the contrary, the percentage of 7s versus 13s we have filed has remained about the same!