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New Bankruptcy Law Lawyers

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.

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Frequently Asked Questions

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

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