New Bankruptcy Law
Congress created a new bankruptcy law in 2004. The major impact of this new bankruptcy law created qualifications for Chapter 7 filers. A Chapter 7 bankruptcy filing discharges all of the debtor's debts and allows for a fresh start. To be eligible for Chapter 7 under the new bankruptcy law a maximum debt level and maximum asset level must not be exceeded by the debtor.
For assistance with your case, click here to find New Bankruptcy Law Attorneys near you or find an attorney in a different state.
- Alabama
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- Tennessee
- Texas
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- Washington
- West Virginia
- Wisconsin
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Frequently Asked Questions
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What Law Governs Bankruptcy?
Bankruptcy is governed by Title 11 of the United States Code. In addition, each state has laws relating to bankruptcy. -
I Know That The Bankruptcy Law Recently Changed – How Does That Effect Me?
In response to claims by creditors that the bankruptcy laws were too lenient, Congress amended the existing law in many important ways. For example: • A strict financial means test … more
Legal Articles
- Property That is Exempt From Bankruptcy
Historically, state law provided the property exemptions available to those seeking bankruptcy protection. However, the bankruptcy code now allows states to choose between the federal exemptions provided in the bankruptcy code or the exemptions provided in state law. Many states have chosen to continue to follow their state law exemptions but a minority of states have decided to … more - Will Filing for Bankruptcy Get Rid of All My Debts?
Many people think that if they simply file Chapter 7 bankruptcy, then they will get rid of all of their debts. Unfortunately, this is not the case. There are some types of debts that cannot be discharged in bankruptcy by law. This means that even if you complete bankruptcy proceedings, you still have to pay back these debts. These debts include child support, alimony, … more
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