There has been a lot of talk in recent months about the changes in the bankruptcy code and whether you would be eligible for declaring personal bankruptcy. The truth is that there have been some changes made by Congress in the last few years, but Chapter 7 bankruptcy is still available to those who need it. The key is to understand the changes that have taken place.
The primary change is something called the means test. This is designed to determine whether you are eligible for Chapter 7 based on your income and expenses. Remember that Chapter 7 bankruptcy would completely wipe out their debts while liquidating any non-exempt assets. (Most people don't have many assets to speak of if they are filing Chapter 7, and if they do have some assets they are often exempt such as a primary house.)
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If you do not qualify under the new requirements, you may be forced to file Chapter 13 which involves a repayment plan over the next three to five years. There are some advantages to Chapter 13 such as being able to keep your house if you are behind on your mortgage. If your income is less than the median income for your state, you don't even have to worry about bothering with this means test.
There are some additional requirements under the new laws including mandatory credit counseling and financial management classes.
Because of these changes and the complicated legal mumbo-jumbo contained in the bankruptcy reform statutes, it is definitely to your advantage to seek a good bankruptcy attorney. Trying to go through the process by yourself is not recommended, especially with all the changes that have taken place recently.
Having a good discussion with a professional is important to help determine whether you should file in the first place. You need to look at all your options carefully before making such a big decision.
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