The new bankruptcy laws will be in effect before the end of the year. This is devastating news to those who are already in debt or facing possible future debt. However this is good news to most businesses no longer having the need to file for as much profit loss as some had to in the past.
Once the new bankruptcy law goes into effect it will be almost impossible for some individuals to file for bankruptcy. Chapter 13 bankruptcy will be the most likely step anyone can take to file at all.
Chapter 13 bankruptcy is more like debt consolidation. Unlike the other options of filing like Chapter 7. Chapter 13 does not liquidate your assets and pay for any of your debts. The individual is still responsible for paying off their debts. It is a plan that is determined by the courts and payment arrangements are then made. Unlike going through a debt consolidation service your allotted time to pay of your debts is determined by the courts.
With the future change in the bankruptcy laws people should start planning new ways to avoid the need to ever file.
A mistake that is often made by people is over use of their credit cards. Most individuals do not have a back...
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