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Copyright 2005 Dean Shainin Before you file bankruptcy, it is a good idea to look into other alternatives if at all possible. New bankruptcy laws make it more difficult to file than it used to be. Why Has Filing For Bankruptcy Doubled? From the period of 1994 to 2004, filing for bankruptcy has doubled. Bankruptcy filing has spun out of control with consumers being targeted with easy credit. This has become a major cause for bankruptcy cases. New Bankruptcy Laws? There is now a new law for bankruptcy that was passed called the "Bankruptcy Abuse Prevention and Consumer Protection Act". People struggling to pay their credit debts are now going to have to deal...
New Bankruptcy Laws 2005 , effective October 17, will make it more difficult to discharge your debts by filing bankruptcy. Changes to the law in the form of The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, are due to complaints by the banks and other financial institutions who cite abuse of the bankruptcy laws by financially irresponsible consumers. Worries, however, abound that the New Bankruptcy Law will leave the most vulnerable in society - namely, the elderly, low income families and single mothers - with no protection against unmanageable debts due to job loss or other unforeseen circumstances. Changes to the law in the form of the new bankruptcy laws of 2005...
Bankruptcy filing is at an all time high. This has caused a new bankruptcy law to be passed called the "Bankruptcy Abuse and Consumer Protection Act." Many people are having a tough time with debt and are now facing new rules for filing. What is Bankruptcy? Bankruptcy, or insolvency as it is otherwise known, is a legal declaration of an inability or an impairment to pay for the debts owed to creditors. To put it simply, it is an option that debtors and creditors have whenever an individual cannot pay his debts when they fall due. There is admittedly a bad stigma around bankruptcy. However, when it comes to dealing with individual insolvency cases, it should always be considered. Note...
As far back as colonial times, every citizen has a constitutional right to file for bankruptcy. By declaring bankruptcy, one is relieved of mandatory collection activities for debts existing at the time of filing by a legal "stay" on these activities. The first version of US bankruptcy or Federal Insolvency laws appeared in 1800, and has been evolving ever since.
Chapter 7 or "straight liquidation" bankruptcy permits the retention of exempt assets and property and can be used by individuals, partnership businesses and corporations. Under Chapter 7, recent tax obligations, debts to government units and alimony/child support are not exempt. In case of debts incurred during a marriage, both spouses must file for bankruptcy – otherwise the debts are transferred to the non-filing spouse.
Chapter 13, or "wage earner reorganization" bankruptcy can only be filed by individuals who have a steady source of income. It can be filed by debtors with unsecured debts that do not exceed $100,000 and secured debts that do not exceed $350,000. Basically, filing for Chapter 13 bankruptcy indicates an intention and willingness to make good one’s debts within five years. With this understanding, the applicant’s existing assets are not liquidated.
Chapter 11 is a more flexible version of Chapter 13 available to individuals and businesses. It is generally not preferred by individuals, because it entails greater court-related expenses and calls for frequent personal appearances in court.
Once Chapter 7 bankruptcy has been legally sanctioned, creditors have no claim on future income. If assets have been concealed, misrepresented or surreptitiously transferred at the time of filing for bankruptcy, the discharge from debts can be either refused or declared null and void.
Bankruptcy provides detailed information about bankruptcy, bankruptcy attorneys, bankruptcy faqs, and more. Bankruptcy is affiliated with New Bankruptcy Laws.
The new bankruptcy law took effect recently and significantly changed the rules of filing bankruptcy. If you're not sure exactly what these changes mean for you, read this article which lays out the basics of the new bankruptcy law. The new bankruptcy law has brought about a number of changes to the filing process. Here are the major ones: Credit Counseling
The new bankruptcy law dictates that anyone who wants to file bankruptcy must complete credit counseling with an agency approved by the United States Trustee's office. After the bankruptcy case has ended, filers must attend yet another counseling session to learn more about personal financial management. Restricted Eligibility
In the past, it was possible to choose between filing Chapter 7 or Chapter 13 bankruptcy. Under the new bankruptcy law, eligibility for filing Chapter 7 is based on income. A filer's average income for the six months prior to filing bankruptcy must be below their state's median income. Property Values
Under old bankruptcy law, those who filed Chapter 7 bankruptcy were allowed to place a value on their personal property based on what they could sell it for at an auction. The new bankruptcy law requires that property now be valued at replacement value. This puts increased value on the property and ensures that more filers will have their property taken and sold by a trustee. State Exemptions
Under new bankruptcy law, your state's exemptions will apply only if you have lived in the state for two years. If you have been in the state for less than two years, you will receive the exemptions from the state that you lived in previously. Visit http://www.bankruptcyapproval.com
to find more information about the new bankruptcy law. Also, visit bankruptcyapproval.com...
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