What are the most substantive changes in the law?
The following is only a few of the MAJOR changes to the bankruptcy law: 1. The new bankruptcy legislation likely to severely limit the ability of a debtor to file a Chapter 7 bankruptcy as compared to a Chapter 13. Specifically, the law requires a means test that will make Chapter 7 filings unavailable for most people whose incomes exceed their states’ median incomes. Anyone whose income is above the median, earns a salary and has $100 left over every month after paying for his or her basic needs must file under Chapter 13. Debtors that make less than the median income may still file for Chapter 7. Under Chapter 13, as more specifically described below, a monthly repayment plan is established and confirmed by the bankruptcy court. The debtor must follow for five years. Currently, most people file under Chapter 7, which doesn’t require repayment and under which most of the unsecured debt, such as credit cards and medical bills, is erased. People who make less than the median income coul
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