How do you file bankruptcy now that the laws have changed?

My friend and I had a discussion about this. She has some debts and was considering bankruptcy. I heard that the laws had changed considerably. Anyone have any information? Thanks

This entry was posted on Friday, February 27th, 2009 at 4:50 am and is filed under Bankruptcy Law. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

6 Responses to “How do you file bankruptcy now that the laws have changed?”

1. David D Says:
   February 28th, 2009 at 11:28 pm

   Lots of info here.

2. old school Says:
   March 1st, 2009 at 1:42 pm

   You are now required to payoff some of your debt. I don’t know what percentage.

3. Jennifer F Says:
   March 2nd, 2009 at 4:28 am

   She’ll need to talk to a lawyer about this. They’re trying to make it harder to file because of abuse of the bankruptcy system. People are filing bankruptcy then turning around and racking up debt again. They’ll want to be sure her debts are a certain amount and there’s absolutely no way she can afford to pay them off before they allow her to file on them.

4. Alissa Says:
   March 2nd, 2009 at 10:47 am

   Tell your friend to get a job and payoff her own debt. Why should we suffer with high interest rates because your friend went on a shopping spree

5. Studly Says:
   March 4th, 2009 at 4:58 pm

   I have a dream…that someday people like Allisa will lose a job, run up huge medical bills, or have some other disaster in their lives. Then they will see what it’s like to be in debt and no way out.

   They seem to think every bankruptcy case involves people who just overspend and are not responsible. Trust me Allisa, most of them are not!

   Read the link below. It goes into the new bankruptcy law rules. Remember, bankruptcy is the very last resort. You need to first try to work out a budget and pay your bills.

   If you file bankruptcy, and can’t qualify for a chapter 7, you will be placed on a “plan” where all of your disposable income is taken by the trustee to pay back a portion of your debt. It will be as bad as a budget, but worse because you have no “wiggle room” to play with in case of emergency.

   Forget the morning Starbucks. No more movies, entertainment, or dining out.

   Good luck

6. Gillian G Says:
   March 7th, 2009 at 9:55 am

   Bankruptcy is an absolute last resort and is more difficult now that the law has changed. There’s a lot of information on this website – email the link to your friend and tell her to study it carefully. There are alternatives and she should look into all the possibilities.

   Good luck!