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Page of The New Bankruptcy Law Here are some of the major changes you should know about Now that the new bankruptcy law is in effect the landscape has changed for those who are considering bankruptcy All debtors will have to get credit counseling before they can file a bankruptcy case and additional counseling on budgeting and debt management before their debts can be wiped out Some filers with higher incomes won't be allowed to use Chapter but will instead have to repay at least some of their debt under Chapter And because the law imposes new requirements on lawyers it will be tougher to find an attorney to represent you in a bankruptcy case Here are some of the most important changes Counseling Requirements Before you can file for bankruptcy under either Chapter or Chapter you must complete credit counseling with an agency approved by the United States Trustee's office The purpose of this counseling is to give you an idea of whether you really need to file for bankruptcy or whether an informal repayment plan would get you back on your economic feet Counseling is required even if it's obvious that a repayment plan isn't
TITLE TITLE —BANKRUPTCY —GENERAL PROVISIONS —CASE ADMINISTRATION —CREDITORS THE DEBTOR AND THE ESTATE —LIQUIDATION —ADJUSTMENT OF DEBTS OF A MUNICIPALITY —REORGANIZATION —ADJUSTMENT OF DEBTS OF A FAMILY FARMER WITH REGULAR ANNUAL INCOME —ADJUSTMENT OF DEBTS OF AN INDIVIDUAL WITH REGULAR INCOME —REPEALED Search this title LII has no control over and does not endorse any external Internet site that contains links to or references LII
Personal Bankruptcy Information Your online reference source for bankruptcy Federal Exemption Set If you live in a you may choose the following federal exemptions as opposed to your state exemptions Married couples may double all exemptions ASSET EXEMPTION DESCRIPTION LAW SECTION Homestead Real property including co op or mobile home to ; unused portion of homestead to may be applied to any property Insurance Disability illness or unemployment benefits Life insurance payments for persons who depend on debtor needed for support Life insurance policy with loan value in accrued dividends or interest to Unmatured life insurance contract except credit insurance policy Miscellaneous Alimony child support needed for support Bankruptcy Information is believed reliable but accuracy and completeness are not guaranteed Nothing in this web site is intended as or should be used as a substitute for professional financial or legal advice © Bankruptcy Information All Rights reserved Portions of
U S Bankruptcy Courts United States Bankruptcy Courts Each of the handles bankruptcy matters and in almost all districts bankruptcy cases are filed in the bankruptcy court Bankruptcy cases cannot be filed in state court Bankruptcy laws help people who can no longer pay their creditors get a fresh start by liquidating their assets to pay their debts or by creating a repayment plan Bankruptcy laws also protect troubled businesses and provide for orderly distributions to business creditors through reorganization or liquidation These procedures are covered under Title of the United States Code The vast majority of cases are filed under the three main chapters of the Bankruptcy Code which are and Filing for Bankruptcy provides basic information to debtors creditors court personnel the media and the general public on different aspects of the federal bankruptcy laws It also provides individuals who may be considering bankruptcy with a basic explanation of the different chapters under which a bankruptcy case may be filed and answers some of the most commonly asked questions about the bankruptcy process In the Bankruptcy Code was amended to require that most individual debtors complete a special briefing from an approved credit counseling agency
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