The new bankruptcy laws are quite different from the old ones. With new laws introduces for bankruptcy the creditors are at more advantage. The entire process of filing insolvency is not so debtor friendly and has become more tedious. The income requirements to qualify for either chapter 7 or chapter 13 bankruptcies have also changed making it difficult for many people looking towards it for debt relief.
After the introduction of new bankruptcy laws the states are not allowed to set their homestead exemptions. They need to abide by the new United States Bankruptcy Laws Revisions. According to these revisions if you intend to file bankruptcy then you cannot do so directly. Prior to it you need to enroll yourself for credit counseling and are also required to take up a money management course. If the course is not free then you need to bear the charges for the course yourself.
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The aim of the money management courses is to help people to find out the causes of their money related issues. When they know the causes they can do proper management and save money for debt repayment. If you know your enemy then it becomes easy to fight with it.
The new laws have also made the process of filing bankruptcy very expensive. The increased cost of filing bankruptcy includes the dramatically increased fees for the attorney. According to new law the attorney is held liable for any false information provided by the client. So obviously they charge you more while preparing your documents to represent in court.
The new laws have already made the filing requirements very tough. On top of it to persuade people from opting bankruptcy for debt reline the repayment amounts are based upon the IRS median income. It is also based on the living expense chart of the debtor.
Moreover declaring yourself as insolvent does not eliminate your entire debt. Some debts like student education loan, child support loan or alimony cannot be include for elimination with bankruptcy. The news laws of bankruptcy will only give you some time relief. They will rearrange your repayment plans. After the long repayment term the court will decide whether to forgive your remaining debt or not. The creditors can also obtain permission from court to sell your assets to recover the debt.
All these revisions and the creditor friendly new bankruptcy laws have lead many people to withdraw their thoughts to file insolvency making debt settlement more favored option for eliminating debts.
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