The Internet home of                                 President signs bankruptcy bill What you should know about a new law that will make it tougher for consumers to clear their debts April PM EDT By Jeanne Sahadi CNN Money senior writer More on bankruptcy Video President Bush talks about what the new bankruptcy law will require NEW YORK – President Bush on Wednesday signed into law a bankruptcy reform bill that will make it harder for individuals to clear their debts through bankruptcy So experts say if you were thinking about filing for bankruptcy you might think twice or act twice as quickly since major provisions of the law will go into effect six months from the day the law is signed Individuals filing for bankruptcy usually do so either under Chapter or under Chapter In a Chapter bankruptcy your assets are liquidated and given to creditors and many of your remaining debts are cancelled giving you what's known as a fresh start In over million people filed for Chapter accounting for roughly percent of non business bankruptcies Since many Chapter filers don't have assets that qualify for liquidation credit card companies and other creditors

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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

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