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New Bankruptcy Law
 
 

The new bankruptcy law that was passed recently made drastic changes in the process of filing for bankruptcy. If you are affected by the new law, this article will provide a valuable insight into the new bankruptcy law.

The new bankruptcy law has completely overhauled the filing process. These are the major changes that you should be aware of.

Credit Counseling: As per the new bankruptcy law, if you want to file bankruptcy, you should undergo total credit counseling with an agency, which is authorized by the United States Trustee's office. Once your bankruptcy case is over, you should undergo another counseling session to get more insights into personal financial management.

Restricted Eligibility: In the olden days, you could select between filing under Chapter 7 or Chapter 13 bankruptcy. But with the new law coming in effect, the criterion for filing Chapter 7 is your income. Your average income for the 6 months before filing bankruptcy should be below your state's median income.

Property Values: In the past, filing for Chapter 7 bankruptcy allowed you to attach a value on the personal property, depending on what you would get for it at an auction. But the new law states the property should be given the replacement value. This increases value of the property and allows the properties of more filers to be attached and sold by the trustee.

State Exemptions: The new bankruptcy law allows you to claim exemptions offered by your state only if you have resided there for at least 2 years. If your stay is less than 2 years, you will get the exemptions offered by your state where you lived before relocating.
 
 
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