THE NEW BANKRUPTCY LAW:
Chapter 7 X Chapter 13
The new bankruptcy law will prohibit some filers with higher incomes from using Chapter 7, who will instead have to repay at least some of their debt under Chapter 13.
Under the old rules, most people could choose the type of bankruptcy that seemed best for them (the majority would choose Chapter 7 over Chapter 13.)
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Chapter 7 Bankruptcy
Chapter 13 Bankruptcy
Other New Requirements:
You will have to get credit counseling before you can file a bankruptcy case to give you an idea of whether you really need to file for bankruptcy or a repayment plan would get you back on your feet. Then, after your bankruptcy case is over, you must attend another counseling session, now to learn personal financial management. Only after you submit proof to the court that you attended both programs your debts can be wiped out by a bankruptcy discharge.
The new bankruptcy law adds some complicated requirements to the field of bankruptcy and imposes some additional requirements on lawyers. Attorneys now will have to spend more time on bankruptcy cases.
This means that bankruptcy attorney fees are going to be more expensive and will be harder to find an attorney to represent you in a bankruptcy case.
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