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How To Work With The New Bankruptcy Law!
Written by Chris Safin   
Tuesday, 12 August 2008 13:59
In recent years with the new bankruptcy law now in place, it has become far harder to apply for bankruptcy and also the prices of bankruptcy attorneys have gone up, since there is now more work for them to do.
by ChrisSafin


In recent years with the new bankruptcy law now in place, it has become far harder to apply for bankruptcy and also the prices of bankruptcy attorneys have gone up, since there is now more work for them to do.

So what are the main changes that have been made to the new bankruptcy law?

First of all there is now a ?Means Test? that is used so that you can show that you are not abusing the use of bankruptcy.

Basically what will take place during the means test is that your monthly income, minus a few expenses, will be calculated and compared with the average American income, if you are above it you will be directly obligated to file for chapter 13.

The IRS has set up some strict guidelines for your allowable expenses. You will be permitted up to 200 $ every month for your food and an additional 800 $ every month to cover the costs of your home.

Obviously in each state of the United States of America the laws do tend to change a little, depending on the state you reside in, this may help you or it may hinder you.

You will have to attend a mandatory credit-counseling course that has to be approved by the IRS within 180 days of your filing for bankruptcy. This is not a free course. Instead it will cost you approximately $75.

Under the all new bankruptcy law there is now more paperwork that you will have to do so that you can prove that bankruptcy is necessary.

Some of the things that you are going to have to provide the IRS with will include: a list of all your unsecured and secured creditors; a detailed list of your expenses and your monthly income; liabilities and assets; your most recent tax return; your photo ID and pay stubs.

Thanks to the new law, you are going to have to pay a considerable amount more on your bankruptcy attorney. This is thanks to the fact that there is now a whole lot more work for your bankruptcy attorney to do.

Interpreting the bankruptcy law

While there is nothing saying that you have to employ a lawyer, it is a wise decision to do so. This may actually save you a lot of time as well since if you forget to file certain documents your case can be dismissed making you have to start all over again.

The one thing that you must remember is that bankruptcy, no matter the circumstances, is always your absolute last option. If you file for bankruptcy it will stay on your public record for up to 10 years, so if you can avoid it you will be most likely better off.

About the Author:

To get more information about How To File Bankruptcy why not come see my blog. This article The New Bankruptcy Law is also on my blog.
 

Stephen Meyer

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