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What the Newest Bankruptcy Law Means to You

Part of the Personal Bankruptcy Laws For Dummies Cheat Sheet

The bankruptcy law that went into effect in 2005 makes it harder than it used to be to declare personal bankruptcy. It's much more difficult to liquidate your assets and get a fresh start to your credit history. It also means that there's a slim chance (less than 3 percent) that you may not be eligible for bankruptcy.

The newest bankruptcy law also lays out the following rules:

  • Mandatory credit counseling within 180 days before filing bankruptcy

  • Pay stubs received within 60 days prior to bankruptcy must be filed with the court.

  • Creditors are entitled to a copy of most recent tax return

  • Mandatory attendance at a financial management class after filing bankruptcy

  • Increased attorney fees and court filing fees

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Personal Bankruptcy Laws For Dummies Cheat Sheet

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