The New Bankruptcy Law

Posted on October 17, 2005 by Shannon Cavers

The hards facts just don't lie. Divorce and bankruptcy sometimes go together. In an effort to help you understand what the changes in the new law will mean to those facing bankruptcy after October 17th, I have provided an article from Nolo.

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 7, but will instead have to repay at least some of their debt under Chapter 13. 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.

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