In a world where everything has certain rules that one must follow, every little thing that you do is governed by laws. For instance, if you wish to start your own business, there are specific rules and processes that you must comply with before you can operate. If you have just bought a car and you want to drive it, then you must make sure that you have a valid license to show for it. And if you are suffering from debt, which you feel is insolvable, then there are certain rules as well with regards to the filing of bankruptcy.
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There are certain people who thought that if they desire to declare themselves as bankrupt, then they will be recognized by the government and society. However, this assumption is erroneous since you need to file for bankruptcy with the right agency of the government, and due to the increasing number of people with debts filing for bankruptcy, certain rules were changed. If you are aware of the new rules, then you are good to go, but if you don't have an idea what these are, there is a need for you to seek legal counsel to orient you of the new rules related to the filing of bankruptcy.
Knowing the new rules would mean getting yourself the chance to make a sound decision as to how you are going to approach the whole situation. What you can do is to seek out a trustworthy lawyer in your place and let him explain to you the changes made to the old bankruptcy laws. You would be surprised that there is a great disparity between the old and the new laws especially with regards to how you would be dealing with your finances.
Before, in Chapter 7, any individual, even with a high means of income could opt for this provision and choose to liquidate assets instead of repayment. Most debtors would always go for this option since it is more hassle-free than repayment. However, with the new laws, if you are found to have sufficient income, you would no longer be entitled to avail of the provision in Chapter 7 where you could just liquidate your assets, but you need to avail of Chapter 13 which provides for repayment. This means that you are required to repay your creditors in schemes that would be agreeable for you both.
The new bankruptcy laws actually provided much intricate provisions before you can avail of the benefits of filing for bankruptcy. Another requirement that they added was for you to undergo counseling. This does not mean that you will be compelled to make repayments; it is just to make you understand whether you need to file for bankruptcy or make repayments.
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