Personal Bankruptcy Laws
The new personal bankruptcy laws went into effect in 2005 making personal bankruptcy laws
tougher than every before for people to seek personal bankruptcy protection under the Chapter 7 personal bankruptcy
or Chapter 13 personal bankruptcy. Below are highlights of the personal bankruptcy laws.
Pre Bankruptcy Credit Counseling
The personal bankruptcy laws require anyone wanting to file for
bankruptcy to get some credit counseling from an agency approved by the bankruptcy court within six
months before filing personal bankruptcy. You can do this online or over the phone. After you have
gone through the pre bankruptcy credit counseling, you must send the certification of
completion of the credit counseling to the bankruptcy court as well as proofs that you acted on any
plans the credit counseling agency recommended.
New personal bankruptcy laws call for more supporting evidence
With the new personal bankruptcy laws, more paperwork is needed to file bankruptcy. Tax
returns as well as pay stubs, proofs of income, creditor communications, and much more. If you are filing a
Chapter 13 bankruptcy, you will need to file personal income and expense statement annually throughout the life of
the Chapter 13 personal bankruptcy payment plan.
Re filing personal bankruptcy laws
If you file a Chapter 7 personal bankruptcy, the personal bankruptcy laws say that you cannot
file another Chapter 7 bankruptcy for eight years. The personal bankruptcy laws for Chapter 13 bankruptcy is that
you cannot get your debts discharged if you have:
There are other changes with the new bankruptcy laws. These new bankruptcy laws will be
discussed further in other sections of this Bankruptcy Laws help website.