Bankruptcy can provide a lifeline for individuals and families who have exhausted other methods of dealing with their debt and simply don't have anywhere else to turn. Of course, filing personal bankruptcy should never be taken lightly, and there are some things that you need to keep in mind if you're thinking about filing.
First of all, you should know that there have been some modifications to the bankruptcy code. Congress made the process more complex by passing the bankruptcy reform law in 2005. Chances are you want to file Chapter 7 bankruptcy, which is the most popular form of bankruptcy because it tries to do away with your debts altogether.
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In order to supposedly prevent people from abusing Chapter 7 bankruptcy, this new law places some additional requirements such as obligatory credit counseling and financial management classes. The goal is to help the family prevent this from ever happening again.
Perhaps the biggest change in the bankruptcy code is the means test which is an in depth examination of your income and expenses in order to decide whether you have the financial means to pay off your debts without bankruptcy.
The good news is that if your salary is lower than the median income for your state, you don't even have to worry about this means test. Otherwise, you'll have to go through this test which may be a painstaking process, but there's a good chance you'll still qualify for bankruptcy in the end. If you don't qualify for Chapter 7, you'll be forced to go through Chapter 13 which is designed to help you repay your debts over time instead of simply discharging it.
Because bankruptcy is such a serious decision that has long-term effects on your financial life, you should make sure to discuss things thoroughly with a good bankruptcy lawyer before going forward.
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