New Bankruptcy Laws

The new bankruptcy laws make it somewhat harder for many people to file bankruptcy. Read the amendments of the bankruptcy laws below. The new bankruptcy laws introduce the requirements for anyone filing bankruptcy to undergo a program before filing for bankruptcy and a different financial program after the bankruptcy filing is done.

New bankruptcy laws - amendments of the old bankruptcy laws

Credit counseling before filing bankruptcy

In 2005, the US Bankruptcy Code was amended. The new bankruptcy laws require that most individual debtors complete a special briefing from an approved credit counseling agency 180 days before filing for personal bankruptcy.

Financial Management Course after filing bankruptcy

The new bankruptcy laws also require that bankruptcy filers  complete a financial management instructional course after filing bankruptcy.

In most states, the Executive Office of the United States trustee (a component of the US department of Justice) is responsible for approving the credit counseling agencies that offer this special pre- bankruptcy filing briefing. The US bankruptcy trustee is also responsible for maintaining a list of approved credit counseling agencies.