When the government imposed new bankruptcy law, its major aim was to make this law in the interest of people and in this regard several changes have been implemented. People consider it as a more restricted law where filing for bankruptcy has become harder. We all know that everything happens for a reason. There were certain reasons due to which the government imposed such strict laws. It did so to decrease the abusive use of bankruptcy law where those who can pay their debt looks for a better way of bankruptcy. This law protects those who deserve to be granted some amount of the debt that is, lenders.
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The most eminent of all the rules of New Bankruptcy Law is that for filing bankruptcy one has to pass strict test to prove whether the particular person is capable to pay back the loan or not. This test considers your monthly income and compares it with the medium income of the people in your state. To file for bankruptcy, your income must fall below the median income.
If you do not qualify for full pardon, you may have a chance to get your debt restricted and pay the amount payable in the period of 3-5 years. This process includes court to see that you are still able to pay minimum portion of your debt that excludes your daily family expenditure. Another major change in the new bankruptcy law is when you file for bankruptcy; you have a period of 180 days by the government to fulfill the requirement of financial counseling from a government accredited organization to make sure that you won't be falling in financial confusion in future. Although this maybe a bit inconvenient for you in the start but it will definitely be productive for you in future with long term benefits and training sessions which will help you to become financially mature.
Filing for bankruptcy has become complex than before but once you have proved your qualification to avail it, the court will grant it to you. The second most important thing to do is to hire an expert bankruptcy lawyer that can overcome your legal requirements needed to fulfill in the New Bankruptcy Law.
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