|
On October 17, 2005, the New Bankruptcy Law went into effect with the most sweeping changes
to the Bankruptcy Code since 1978. Some people wrongly believed that Bankruptcy
no longer existed or that they were no longer able to discharge their debts using Bankruptcy.
- What did the New Bankruptcy Law do?
The most significant thing that the New Bankruptcy Law did was that it made filing bankruptcy
much more complex. It made the Bankruptcy debtors jump through a few more hoops and made their
cases a little more expensive. The bottom line is that in almost every case that was filed by my Bankruptcy
clients after the New Bankruptcy Law went into effect has went through just as it would have before
the bankruptcy law changed. Sure, there have been a few more corrections made to the original bankruptcy
forms than before the New Bankruptcy Law went into effect. These corrections have resulted
from the attorneys (lawyers), bankruptcy trustees, and judges litigating the issues in bankruptcy court and figuring out the
intricacies of the New Bankruptcy Law. In addition, the Bankruptcy Forms are much
more complicated, and require a more intimate knowledge of the Bankruptcy Code, but all in all, my clients
have filed bankruptcy, recieved their bankruptcy discharge, and kept their homes, cars and
other property. The New Bankruptcy Law made it more important than ever to hire a good bankruptcy
lawyer to guide you through the complex maze called the Bankruptcy Code.
|
