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 more information about New Bankruptcy Law, click here.
