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…So what are the main changes in the new bankruptcy law? There are several changes you need to know about that have taken place in the new bankruptcy law….

…Firstly there is now such a thing as a “Means Test” that is applied so
that you can show that you aren’t in any way abusing the use of the
bankruptcy option. In this “Means Test” your monthly income is taken
into consideration, minus a number of expenses that are allowed with in
the new bankruptcy law. If you come out of the Means Test” with what is
considered “median income” you will have no choice but to file for
Chapter 13 bankruptcy….

…you can’t exactly shop around for the best deal. You will obviously
have to be a resident in the state where you are filing for bankruptcy
and by law you must be so for an absolute minimum of 2 years. So you
will be stuck with what ever laws apply to your state, you can only
hope they suet your interests and situation….

…Some of the things that you will have to give the IRS include but
aren’t limited to: a full list of all your unsecured and secured
creditors; absolute proof that you have indeed taken the credit
counseling course; a very detailed list of all your costs and your
monthly income; liabilities and assets; your most recent tax return…

These
are just a few snippets of the article, read on through the link above or visit
our home page about The
Difference Types Of Bankruptcy for even more great info.