Just when people need it the most, it seems that one of the major financial recourses has been eliminated as a viable option for most Americans. Or has it? This popular misconception has many people believing that bankruptcy no longer exists as an option for the vast majority of hard-working Americans who would have otherwise qualified under previous regulations.
The truth is that, although there have been some changes, bankruptcy remains an option. In fact, some prominent attorneys have estimated that only a small percentage of applicants will no longer be eligible under the new bankruptcy codes. In other words, most of the people who would have qualified previously will still be eligible under the new bankruptcy regulations.
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So what exactly are the changes in the bankruptcy code? The bankruptcy reform law which was passed by Congress in 2005 has added several additional requirements such as mandatory credit counseling. These requirements are supposedly meant to help confirm that applicants really do need bankruptcy as a way to solve the financial problems, while the same time educating consumers in order to help avoid these kinds of problems in the future.
One of the major changes in the bankruptcy code is something called the means test, which tries to evaluate your income and expenses in order to determine whether you have the means to pay off your debts. Anyone whose annual salary is higher than the median income for your state will have to undergo this additional step.
One thing is for sure. The new bankruptcy codes make things more complex and require you to have a good bankruptcy lawyer by your side to help you understand how the statutes apply to your situation.
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