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  • Other Added - New Bankruptcy Law - Five Essential Things to Know

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    ns, Congress has made the changes, and millions of Americans will be affected when the new law takes effect o
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    Last April, Congress passed the Bankruptcy Abuse and Consumer Protection Act, the most sweeping reform of our nation’s bankruptcy laws in more than twenty-five years. Proponents of the bill argue that most consumers who file for bankruptcy do so simply because they do not wish to pay their bills. That is an arguable point, as studies show that most bankruptcy filers have suffered illness, injury or job loss. Regardless of the reasons, Congress has made the changes, and millions of Americans will be affected when the new law takes effect on
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    nation’s bankruptcy laws in more than twenty-five years. Proponents of the bill argue that most consumers who file for bankruptcy do so simply because they do not wish to pay their bills. That is an arguable point, as studies show that most bankruptcy filers have suffered illness, injury or job loss. Regardless of the reasons, Congress has made the changes, and millions of Americans will be affected when the new law takes effect o
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    o file for bankruptcy do so simply because they do not wish to pay their bills. That is an arguable point, as studies show that most bankruptcy filers have suffered illness, injury or job loss. Regardless of the reasons, Congress has made the changes, and millions of Americans will be affected when the new law takes effect o
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    s studies show that most bankruptcy filers have suffered illness, injury or job loss. Regardless of the reasons, Congress has made the changes, and millions of Americans will be affected when the new law takes effect o
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    ns, Congress has made the changes, and millions of Americans will be affected when the new law takes effect on October 15.

    Here is a short list of the changes and how consumers will be affected.

  • Goodbye, Chapter 7 – Until now, most consumers have been permitted to file under Chapter 7 of the Federal bankruptcy code. Chapter 7 permits the court to wipe away most consumer debt, allowing the debtor to make a fresh start. The new law establishes a “means test.” Anyone with income that exceeds the median income for his or her st

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