How have the U.S. bankruptcy laws changed since 2004?

How have the U.S. bankruptcy laws changed since 2004? How do the changes help creditors? How is the person filing bankruptcy helped in the changes?

This entry was posted on Saturday, March 28th, 2009 at 9:51 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.

3 Responses to “How have the U.S. bankruptcy laws changed since 2004?”

1. Rithy Says:
   March 30th, 2009 at 9:13 am

   In 2005, laws were set to make it harder for individuals to file and win a bankruptcy case, and has caused the process to take longer.

   Filers are not helped by these changes.

2. VaTreasures Says:
   April 2nd, 2009 at 4:34 pm

   The bankruptcy laws have gotten more restrictive. Everyone must go through counseling and for many only chapter 11 is allowed, if they can pay back some of the debt. The changes almost entirely provide benefit to the creditors.

3. Rush is a band Says:
   April 3rd, 2009 at 12:07 am

   Yes, bankruptcy laws have changed since 2004.

   The changes were pushed hard by credit card issuers. The changes help them immensely. There is now something called a means test. This means test pushes more people into re-payment plans and allows many fewer people to do a total liquidation. It helps creditors because many people now go onto payment plans and they actually get some money from those people.

   The person filing does not get help from these changes. If you are truly in trouble and fail the means test, you can still do a full liquidation, but if you can repay something, you are going to be put in a repayment plan.

   good luck!