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The rush to file bankruptcy ahead of the new bankruptcy law over. Now what? Did you miss the boat if you didn't file bankruptcy before the new law went into effect?
Absolutely not. Although the new bankruptcy law has made it much more difficult to file bankruptcy, most attorneys are finding out that the new bankruptcy law is manageable and filings are on the rise.
One of the most confusing parts of the new bankruptcy law is the bankruptcy means test.
In an effort to stop bankruptcy abuse, Congress decided to implement a step to the bankruptcy process called the "bankruptcy means test".The
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Types Of Bankruptcy
There are two different types of bankruptcy that can be used in most cases. Each one has a different set of rules and guidelines that you must follow in order to qualify for and get the bankruptcy. If you are considering bankruptcy, it is important to understand the differences in these types of bankruptcy and to choose the one that best fits your needs and the one that you qualify for.
Chapter 7 Bankruptcy
This is the type of bankruptcy that is most often used by individual debtors. It allows for an individual or married
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Top Filing Bankruptcy Articles!
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The thought of personal bankruptcy is very frightening, however over 5.4 per 1,000 people have filed for bankruptcy last year, and this rate has been growing at an average of nearly 7 percent. Researchers have determined that the primary cause of personal bankruptcy is uncontrollable levels of consumer debt oftentimes coupled with an unexpected event, such as a major medical expense not covered by insurance, the loss of a job, divorce or death of a spouse. According to economists' surveys, the classic bankruptcy filer is a blue collar, high school graduate who is the head of a household in the
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Congress recently passed sweeping legislation that will significantly reform American bankruptcy law. Designed to eliminate the "convenience bankruptcy" of compulsive gamblers and the financially irresponsible, this legislation will make it more difficult for those seeking bankruptcy protection from the courts to have their debts relieved.Under current law, people who have debts that they cannot repay may file under Chapter 7 of the Federal bankruptcy code, which allows nearly all debts to be wiped away. The new legislation, which takes effect in October, 2005, will require most people filing for bankruptcy to file under Chapter 13 instead. Chapter
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Congress recently passed sweeping legislation that will significantly reform American bankruptcy law. Designed to eliminate the "convenience bankruptcy" of compulsive gamblers and the financially irresponsible, this legislation will make it more difficult for those seeking bankruptcy protection from the courts to have their debts relieved.Under current law, people who have debts that they cannot repay may file under Chapter 7 of the Federal bankruptcy code, which allows nearly all debts to be wiped away. The new legislation, which takes effect in October, 2005, will require most people filing for bankruptcy to file under Chapter 13 instead. Chapter 13 requires that
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