Bankruptcy Information





The Internet home of The new bankruptcy law and you What you should know about the law which will make it tougher for consumers to clear their debts October PM EDT By Jeanne Sahadi CNN Money senior writer Video CNN's Gerri Willis shares five tips on what to look for when choosing a credit counselor NEW YORK A new bankruptcy law goes into effect today making it harder for consumers to prove that they should be allowed to clear their debts in what's known as a fresh start or Chapter bankruptcy And those who file will be paying much higher fees to bankruptcy attorneys who are expected to raise their rates by as much as percent That's to account for the increased liability the new law imposes on them which will mean more time verifying and filing client documents Consumers who seek to file bankruptcy in the next couple of months may also experience delays at the bankruptcy courts which have been overrun in the past four weeks as debtors scrambled to file under the less stringent requirements of the old law Based on preliminary data for the week ending Oct researchers at Lundquist Consulting estimate that there will

The Internet home of Attorneys say new bankruptcy law ineffective Consumer bankruptcy lawyers survey finds most potential bankruptcy filers can't afford to pay even a portion of their debts By Jeanne Sahadi CNNMoney com senior writer February PM EST NEW YORK – Ninety seven percent of consumers seeking to file for bankruptcy so far this year cannot afford to pay back their debts according to a survey by the National Association of Consumer Bankruptcy Attorneys NACBA surveyed six credit counseling agencies that have been working with over potential bankruptcy filers and assessing their ability to pay what they owe under a debt management plan Going for credit counseling within six months of filing for bankruptcy is a new requirement for debtors seeking bankruptcy relief under a reform law that went into effect in October The reform law was intended in part to prevent consumers from abusing the bankruptcy system by clearing all their debts when they might have the ability to repay at least some of them Critics of the law contend that it is overly broad – imposing greater costs and obstacles to filing on everyone in order to ferret out a small number debtors who have the

March Selecting an attorney for your legal case is a very important decision Please enter a zip code to find an attorney in your area Welcome to Bankruptcy Law Firms Spotlight on Bankruptcy March New Bankruptcy Law The President signed a new act on April entitled the Bankruptcy Abuse Prevention and Consumer Protection Act of This act went into effect on October Most lenders have noted that they have not changed their lending policies due to the new act There are some banks however that have reported that they expect credit losses on new loans to be much lower If you are in need of legal help concerning bankruptcy in your area now New bankruptcy law effective October Bankruptcy Abuse Prevention and Consumer Protection Act of S Under the new Bankruptcy Act of credit counseling may be required or other options may be required to find out all your legal options and rights It is more important than ever to consult and speak with a Bankruptcy Lawyer for the new law changes will be explained better to you from bankruptcy lawyers Your rights and options are too important more than ever If you want all your new legal rights

March Selecting an attorney for your legal case is a very important decision Please enter a zip code to find an attorney in your area Information Overview Resource Center Search Bankruptcy Law Firms resources in our exclusive resource center Debtor Under The New Bankruptcy Law Under the new law if debtors fail to file a return that becomes due after the date of their bankruptcy petition or fail to file an extension the IRS may request the Court to order a conversion or dismissal of the case Conversion or dismissal may also be ordered if a Chapter debtor fails to timely pay tax obligations owed after the date of the bankruptcy petition In order to have their plan confirmed Chapter debtors must also file all tax returns with the IRS for the four year period before the bankruptcy petition The debtor must establish filing by the first meeting of creditors Seven days before the first meeting of creditors debtors must provide trustees a copy of their most recently filed federal tax return or a transcript of the return Similarly copies of amendments to such returns and any past due returns filed while the case is pending must also be

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