Has the Bankruptcy Law Changed?

Bankruptcy laws are always changing. A major change occurred in 2005 when very strict guidelines on personal bankruptcy occurred, including mandatory debt counseling and limitations on income for people who want to file a Chapter 7 “liquidation” bankruptcy, among many other things. The biggest change is that you may not be allowed to file a Chapter 7 bankruptcy, depending on the amount of money that you have or your current income or assets. Instead, you may have to file a Chapter 13 “payment plan” bankruptcy which requires you to pay something toward your creditors rather than just wipe out your bills. The only way to be sure what changes have occurred, and how it can affect you, is to make an appointment to meet with us. We can then understand more about your particular situation and explain how the law would affect you.

< Return to Bankruptcy Questions page.