Bankruptcy Law & You

Unless you are a bankruptcy lawyer, you may not be aware of the many changes that have occurred in bankruptcy since 2005, when the laws governing bankruptcy were revised.

It has been suggested that banks and credit card companies were behind the impetus to changes in the bankruptcy law. The belief was that many people who could afford to repay all or part of their debt were escaping through Chapter 7 Bankruptcy. As a result, it is now more difficult to file a Chapter 7 Bankruptcy.

A "means" test will help determine how much a debtor can repay. This test will determine whether a petitioner qualifies for a Chapter 7 or 13 filing. A debtor will be required to complete a credit counseling course. A bankruptcy lawyer will now be held liable for inaccuracies in their client's bankruptcy papers.

There also now changes on the homestead exemption. For example, if you have not lived in your state for two years prior to filing, there are certain restrictions that apply. If inadequacies are found in the filing, the bankruptcy lawyer could be subject to fines. Finally, the new bankruptcy law gives more weight to a spouse's claim for child support.

There are certainly enough changes in bankruptcy law in the past few years to warrant relying upon a qualified and licensed bankruptcy attorney for bankruptcy advice and bankruptcy information. The Chapter 7 bankruptcy and Chapter 13 bankruptcy lawyers found on this site will meet with you to discuss your case. The initial consultation is free.

Bankruptcy Law