Over the last few years, bankruptcy laws have seen major change. In the old days, you could simply decide to file bankruptcy on a whim. If things were going semi-bad for you and you wanted to start over, you could do so easily. It didn't really take that long and you got a fresh start pretty soon afterwards.
Today, this is merely a pipe dream. With all of the changes that have come into bankruptcy law recently, people view it as a completely different animal now. What new rules does bankruptcy have and how do they affect you?
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For one thing, bankruptcy takes special circumstances in order to file. Being stupid with your credit card and racking up $30,000 worth of debt probably isn't going to qualify anymore. You need something really bad to happen in order to file bankruptcy. We're talking a death of someone significant, an injury, something completely unexpected, etc. You can no longer just wake up one day and decide to file bankruptcy. It takes a seriously legitimate reason.
One of the more significant changes involving bankruptcy laws is the waiting period. If you file bankruptcy, several years must pass before you can file again. In the old days, you could do it much more frequently and you could do it more times. Now, you have to wait a lot longer, depending on which type of bankruptcy it is.
Besides this, only certain types of debt are even considered for bankruptcy. In previous years, you could basically wipe your whole slate clean. It was a total annihilation of your debt. Now, there are several types of debts that will not be erased. Even if you file bankruptcy, you'll probably be liable to repay certain debts. This is no longer a clean slate device as it once was, except in extreme cases.
Another vast difference in new bankruptcy laws is that you must be approved by a bankruptcy judge before you can even file. This means that you have to get all of your most compelling evidence gathered up and go before a judge. Then, depending on the judge's discretion, they will decide whether or not you can file for bankruptcy. This means that you can no longer decide on your own whether or not you want to file. Someone else has to physically approve it before it can go through. If they think that your circumstances aren't bad enough or could have been avoided, you are still going to be on the hook for your debt.
Before you decide to try and file bankruptcy, you are strongly encouraged to have an attorney go over bankruptcy laws with you. They can look at all of the facts of your case and help you decide whether or not you should move forward. Without the help of a trained professional, you could waste a lot of time and money working on a lost cause. When in doubt, the best thing you can do is seek the advice of a bankruptcy lawyer. They have extensive experience in the laws that you'll need to review.
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