The New Bankruptcy Law

On April 20th, 2005 the new bankruptcy reform act was signed into law by President Bush.

Here is what these changes mean to someone interested in filing for bankruptcy:

-Filing a bankruptcy will be more expensive. The new laws have increased filing fees and the responsibilities placed on attorneys. Therefore, filing a bankruptcy will be more expensive under these new laws.
-Filing a bankruptcy will be more time consuming for Debtors. The new laws will require debtors to attend credit counseling classes and in some cases appear at multiple hearings in order to obtain a bankruptcy discharge.
-Filing a Chapter 7 bankruptcy will be difficult for individuals who’s income exceeds the median family income level.

Many people can still benefit from filing for bankruptcy relief. Contact us at mmh@thedebtdoctors.com and our experienced attorneys can provide you with your options under the new law.