what are the new laws on going bankrupt?

I have to give my house back to the bank and was wondering how hard it is to claim bankruptcy under the new laws

This entry was posted on Sunday, July 26th, 2009 at 11:12 pm 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 “what are the new laws on going bankrupt?”

1. spifiman1 Says:
   July 27th, 2009 at 11:36 am

   If you are asking about chapter 7 liquidation? It’s very hard now.

   Under the new laws you must first go through 6-months of credit counseling and then take what’s called a means test. This will determine weather you qualify for chapter 7 or 13. If you make over the average annual wage for your State, you will be forced into chapter 13, if not you will qualify for chapter 7.

2. Studly Says:
   July 29th, 2009 at 6:07 am

   The last three people that I was helping out that decided to file for bankruptcy had no problem getting it. I keep reading how hard it is to get chapter 7, but I’m sure not seeing any evidence of it.

   Doesn’t mean it’s easier.

3. exempt001 Says:
   August 1st, 2009 at 9:32 am

   Well, Spifi is right. Those are infact some of the new laws.

   As for Stuby, I dont think thats quite what he was asking.

   No, its not hard to file bankruptcy. Frankly, the courts dont care. As long as there are no indications of fraud or purposly cashing out before you file….judges dont really have the time to sit there and play.

   The truth is that almost 80% of the USA is in bankruptcy right now.They used to whisper “Im filing bankruptcy” now its on a fog horn. Not a big deal anymore.

   Go ahead. You will be fine.