Bankruptcy law is a federal statutory law contained in Title 11 of the United States Code. Congress passed the Bankruptcy Law Code under its Constitutional grant of authority to "establish . . . uniform laws on the subject of bankruptcy throughout the United States.
Now that the new bankruptcy laws are in effect, the structure of bankruptcy law has changed for those who are considering bankruptcy. Under the new bankruptcy laws, filers with higher incomes will not be allowed to file bankruptcy under Chapter 7, but will be mandated to repay at least some of their debt under Chapter 13. All debtors will have to get credit counseling before they can file for a bankruptcy case, and possible additional counseling on budgeting and debt management before their debts can be wiped out.
Plus, you cannot file under any other chapters of bankruptcy if, during the preceding 180 days, a prior bankruptcy petition was dismissed due to the debtor's willful failure to appear before the court or comply with orders of the court or was voluntarily dismissed after creditors sought relief from the bankruptcy court to recover property upon which they hold liens. 11 U.S.C. 109(g), 362(d) and (e).
Bankruptcy is not something anyone wants to think about. However, sometimes tough circumstances force us to face difficult decisions. As the new bankruptcy laws make it more difficult for consumers to file bankruptcy, consumers should consult with a qualified Bankruptcy attorney. A bankruptcy attorney specialized in bankruptcy law, can provide you with legal methods to either help you wipe out your debts by liquidating assets and distributing them among creditors. A bankruptcy lawyer can also help explain the primary purposes and applications of bankruptcy laws and how they function.
If you are thinking about filing for bankruptcy, but don't know where to start, call us and we will help you find the right bankruptcy attorney in your area that can find the best option to help eliminate your debt.
If you have any questions about the information provided above, please contact Attorney Search Network. If you need a Lawyer Referral call (800) 215-1190 or fill out the form above for a referral to an Attorney Search Network panel lawyer with Bankruptcy experience.
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