Thread: Changes in the Bankruptcy Law

I know that bankruptcy laws have changed but I don't know the extent of these changes. How, exactly, have the bankruptcy laws been changed?

I also heard that the laws had changed, and that now credit card debt was much harder to discharge, that the courts are more inclined to make you pay off your CC debt than before.

Thank you for your response, YB. For some reason, I did not think that Chapter 7s were allowed anymore.

These courses are relatively cheap and easy and can be completed online. Filing under chapter 7 has become somewhat more difficult because you must satisfy a means test. If your income is below a certain amount, you will be eligible to file.

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If your income is below a certain amount, you will be eligible to file. The amount is determined based on your state and the number of people in your household. Also another setback for individuals is that as a result of the new rules, lawyers will be more expensive. The new rules impose obligations on attorneys where the attorneys are required to personally vouch for the accuracy of the financials of their clients. This in turn present more work for the attorneys and they have to raise their prices accordingly.



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