The New Bankruptcy Laws Introduce New Challenges

The New Bankruptcy Laws Make it More Difficult to File Chapter 7 Bankruptcy

The most recent modifications to bankruptcy laws might cause it to be more challenging for you to file bankruptcy. If you’re in a higher income bracket you’ll no longer be permitted to use Chapter 7 bankruptcy. Rather, you’ll be required to file under Chapter 13 bankruptcy and pay off at least a few of your debts. If you want to file bankkruptcy, you must participate in credit counseling before you’ll be able to file. You’re likewise required to attend additional counseling in the field of budgeting and debt management. The extra counseling is a necessity to receive a release of your debts. And, since the law imposes new requirements on attorneys, you might have a more difficult time acquiring a lawyer to take over your bankruptcy suit.