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

Research Legal Information   Research Areas of Law   Related Links       Bankruptcy Law Changes Cathy Moran Congress passed sweeping changes to the Bankruptcy Code restricting the availability of a discharge in Chapter bankruptcy and substantially reducing the relief available in Chapter bankruptcy The bill became effective October th It's impossible to predict with certainty how the changes reviewed below will be implemented and interpreted by bankruptcy trustees and judges What is clear is that under the new law there will be far more hoops for the debtor to jump through to get a fresh start The process will be more expensive for the debtor and the court system and there will be an extended period of uncertainty as the players work their way through the changes Eligibility for Bankruptcy Past The debtor could elect to file either a Chapter or Chapter bankruptcy Debtors whose debts were primarily consumer debts were subject to scrutiny by the trustee or the judge as to whether they had enough disposable income that permitted them to file Chapter would be a “substantial abuseâ€� If so the case could be dismissed or the debtor could convert to a Chapter which repays debts usually

Update on New Bankruptcy Law Changes Over the course of the past years powerful credit card companies and financial institutions have successfully lobbied Congress to make changes to current legislation Congress had been close to passing a new bankruptcy law in each of the last two years only to be held up by the controversial Schumer Amendment The Schumer Amendment sponsored by Senator Charles Schumer D NY would deny a discharge for government fines imposed on those arrested for abortion clinic violence In late January the U S House of Representatives voted to combine a non controversial Senate passed bill providing bankruptcy protection to family farmers under Chapter of the U S Bankruptcy Code first with H R the bankruptcy abuse reform bill that has passed in the House in without the Schumer amendment and then in with the Schumer Amendment Though the Schumer Amendment was also absent on the bankruptcy law political pressure on Democrats to pass the bankruptcy law to assist farmers may have been too great On April th the new bankruptcy reform act was signed into law by President Bush This law went into effect on October th The requires more from debtors including pre filing

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