Changes in the Bankruptcy Code

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Filing for bankruptcy can be a daunting task and most laymen and women would not attempt to do so without proper legal guidance. But these days, it has become even more complicated and difficult because of certain changes in the law.

Significant changes to the Bankruptcy Code affecting both Chapter 7 and Chapter 13 bankruptcies have made it much harder to be eligible for Chapter 7 bankruptcy. This is especially true for those who earn higher incomes. Chapter 7 bankruptcy allows the debtor to liquidate his or her assets to pay off debts and discharge the remainder of the debts that cannot be settled by liquidation. With the new Bankruptcy Code regulations, such debtors could be required to settle a portion of their debts through Chapter 13 bankruptcy that provides for a more protracted period of repaying debts, normally up to five years.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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