Asked 2/14/2008
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New bankruptcy law How do I obtain information about the changes in the new bankruptcy laws? |
Answer 1/1 - Submitted 2/14/2008
Http://bankruptcy.findlaw.com/new-bankruptcy-law/n ew-bankruptcy-law-basics/big-changes.html
That link tells you the basic changed since 2005 when they changed how bankruptcy works. The big difference is that there only used to be chapter 7, which is now restricted. Chapter 7 pretty much gets rid of all of your debts and just gives you a black mark on your credit for 7 years, but now most people will get chapter 13 which is basically a payment plan. You will still have to pay back your debt and your tax refund will be confiscated in most cases until the debt is paid back. You will have someone that the court assigns to help you manage your money and keep you paying or they can take legal action to get liens against your assets, or garnish your wages.
You should try to seek debt consolidation, but be careful. Look for a nonprofit debt consolidation service like:
http://www.moneymanagement.org/Programs/
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