Bankruptcy Guide

Bankruptcy Section


 

Bankruptcy Navigation

First Aid Guide Home Page
Partners
Tell A Friend about us
Chapter 7 Bankruptcy |
Bankruptcy Lawyers |
Bankruptcy Attorney |
Chapter 13 Bankruptcy |
Bankruptcy Information |
Personal Bankruptcy |
Bankruptcy Information |
New Bankruptcy Law |
Chapter 7 Bankruptcy |
Filing Bankruptcy |
Forms Bankruptcy |
Chapter 13 Bankruptcy |
Us Bankruptcy Court |
New Bankruptcy Laws |
New Bankruptcy Laws |

List of Bankruptcy Articles

Bankruptcy Best seller

Buy it Now!



Best Foreclosure Products



Foreclosure Auctions

Bank Foreclosure Departments

Foreclosure Secret

Foreclosure Short Sales

Make Money With Foreclosure

Stop Foreclosure

Canada Foreclosure List

Foreclosure Investing

Foreclosure Profits





Home Mortgage Information
American Home Mortgage

Online Mortgages Guide

Creditors Guide

Mortgage Rates Guide

Mortgage Broker Guide

Mortgage Refinancing Guide

Mortgage Company Guide

Mortgage Calculator Guide

American Realtor Guide






Loan & Financial Guides
Mortgage Loans Information

Construction Loans Information

Home Improvement Loans

Personal Loans Information

Secured Loans Information

Business Loans Information

Savings Information

Student Loans Information

Auto Loans Information

Financial Websites


Debt Information Guide
Bad Debt Guide

Credit Counseling Guide

Debt Consolidation Guide

Debt Recovery Guide

Loan Refinancing Guide

Credit Guide

Debt Guide

Debt Consolidation Loan Guide

Debt Reduction Guide

Mortgage Refinancing Guide

Credit Card Debt

Debt Collection Guide

Debt Management Guide

Home Refinancing Guide

Refinancing Guide




Foreclosure Index
VA Foreclosure

Stop Foreclosure

Repossession

Re Foreclosure

Real Estate

Foreclosure Properties

Foreclosure Loans

Mortgage Foreclosure

Pre Foreclosure

Foreclosure Help

Foreclosure Home

Foreclosure Listings

Bank Foreclosure

Bankruptcy

Foreclosure

Sitemap



Social bookmarking
You like it? Share it!
socialize it

Newsletter

Subscribe to our newsletter AND receive our exclusive Special Report on Bankruptcy
Email:
First Name:



Main Bankruptcy sponsors


 

Latest Bankruptcy Link Added

INSERT YOUR OWN BANNER HERE

Submit your link on Bankruptcy!



 

Welcome to Bankruptcy Guide

 

Bankruptcy Article

Thumbnail example. For a permanent link to this article, or to bookmark it for further reading, click here.

The New Bankruptcy Laws and You!

from:

The new bankruptcy laws are really not so new anymore since they were passed in 2005. But they are called the “new” laws to differentiate the current law from the bankruptcy law that was in effect prior to October 2005. Anyone who filed bankruptcy prior to 2005 is under the old law and the old law requirements. Since it takes years for some bankruptcies to be completed, such as a chapter 13 repayment plan, there are plenty of people still being monitored according to the old rules.

The new bankruptcy laws did make some important changes though. Many people feel the new laws primarily benefit creditors such as the credit card companies, because of the creation of the “means test”. The means test is used to measure your capability to pay something back to your creditors.

Under the old law, if you had no assets to be liquidated many creditors received nothing in the way of repayment. Under the new law, if your income meets certain tests then you might be forced to file a chapter 13 bankruptcy. A chapter 13 bankruptcy requires a repayment plan be put into place that is then monitored by the courts through an appointed trustee. The means test compares your income to your state of residency median income and also figures the amount of disposable income you have for debt repayment after basic living expenses. If you have enough net income and exceed the median income, you will most likely have to file a chapter 13.

But the means test is not the only change in the new bankruptcy laws. Others include required debt counseling and an increase in the number of repayment years from 3 to 5 under a chapter 13 filing. But one of the most complicated changes to understand is the changes in the homestead exemption. Under the old law, the exemption had no limit. Under the new law it is limited to $125,000 and can only be taken in a state in which you have lived for at least 3.3 years. This law change can have a big impact on whether you get to keep your house or will be forced to sell it.

Even bankruptcy attorneys were impacted by the new bankruptcy laws. The new law says that an attorney can be held liable for wrong information reported to the court even if the attorney thought his or her client was telling the truth. There is a now a schedule of fees and fines that can be charged to the attorney. The ironic net result is that attorneys must now charge clients more for bankruptcy filing fees in order to cover the increased liability.

There are other new sections in the laws that may or may not affect you. For example, there is a tithing section which says you can tithe 15% of your income to a charity of choice. Also, there is a section that deals with how a car loan is to be handled with a net impact that debtors will have to pay more on their cars in order to keep them.
The new bankruptcy laws have forced many people to file a chapter 13 rather than a chapter 7. But it is important to remember that either way you will get needed debt relief.




Other Bankruptcy related Articles

Filing Bankruptcy
Bankruptcy Lawyer
Us Bankruptcy Court
Chapter 7 Bankruptcy
Chapter 13 Bankruptcy

Do you want to contribute to our site : submit your articles HERE


Bankruptcy News

American Airline bankruptcy fuels merger talk

American Airlines' bankruptcy has many in the industry questioning if a merger is in its future.

Read more...


American's bankruptcy fuels merger talk

American Airlines' bankruptcy has many in the industry questioning if a merger is in its future.

Read more...


Law grads go to court for bankruptcy protection

(Reuters) - When Diana Valle decided to intern at a bankruptcy firm during law school, she had no idea how useful the experience would prove - in her own case. Shortly before graduating from the University of Maryland School of Law, the 26-year-old Valle, burdened with $150,000 in student debt and with no immediate job prospects, filed for Chapter 7 personal bankruptcy protection. "I was really ...

Read more...


Dodgers want Bryan Stow claim thrown out of bankruptcy court

The team asks a federal bankruptcy to reject claims for damages filed by Stow, who was beaten in the Dodgers Stadium parking lot on opening day last year.

Read more...


Senior Bankruptcy Lawyer Joins Fulbright as Partner in New York

A senior bankruptcy lawyer has joined the international law firm of Fulbright & Jaworski L.L.P.

Read more...


BANKRUPTCY WEEK AHEAD: Judge To Take Up Confirmation Of A&P Bankruptcy-Exit Plan

After more than a year in Chapter 11, next week could see the opening of the door out of bankruptcy for Great Atlantic & Pacific Tea Co. (GAPTQ).

Read more...


Horton Expects American to Leave Bankruptcy Alone

AMR Corp (AAMRQ) .’s American Airlines plans to exit bankruptcy as a stand-alone carrier and would consider making acquisitions afterward, Chief Executive Officer Tom Horton said.

Read more...


Debts that can't be wiped out in bankruptcy

In last week's column, I discussed some common debts that could be eliminated in a bankruptcy filing. To keep it even, I'd like to talk this week about some debts that can't be discharged in bankruptcy. ...

Read more...