How do the new laws affect Bankruptcy?
There has been much doom and gloom written about the new bankruptcy laws to try to prevent individuals from looking into bankruptcy. In fact, many of my clients, when they first call, tell me their friends and family told them they can no longer file bankruptcy. That bankruptcy is no longer available since the laws changed in October 2005. This is not true. It is true that there is more paperwork for the bankruptcy attorney to process and there is a means test now involved. But it is quite lenient. This means test will result in some people having to file a Chapter 13 where they pay a percentage of their debt back, instead of a Chapter 7. But this only affects a small portion of those who call for bankruptcy. We will be happy to explain this in detail to you when you call us for free information about bankruptcy.
