How Does the New Bankruptcy Law Work?

Before Congress overhauled the bankruptcy laws in 2005, most individual filers had the freedom to choose which type of bankruptcy they think would be best for them. Today, the new bankruptcy law has essentially taken away that choice. Here are the important changes that now dictate how the new bankruptcy law works. Filing for Chapter 7 is now restricted Most people chose Chapter 7 bankruptcy (liquidation) over Chapter 13 bankruptcy (repayment) before the advent of the 2005 bankruptcy [...]