Changes to Bankruptcy Law

creditcards.jpg

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 went into effect in October 2005.

The bill amends Title 11 of the U.S. Code and provides for stricter bankruptcy filing requirements. Under the new law, those who have the ability to do so may be required to pay back part of their debt rather than having the debt expunged. The law also makes it more difficult for "serial filers" to abuse bankruptcy protection and requires more disclosure to customers by credit card companies.

Parts of the new law are enforced by the Department of Justice's (DOJ) United States Trustee Program.

If you have questions about filing for bankruptcy, please consult with a licensed attorney who specializes in bankruptcy law. While there is no federal agency that provides private legal assistance, the Legal Services Corporation (LSC) does fund locally based legal aid services to people in financial need.

If you are not eligible for legal assistance through the LSC, you may obtain a lawyer referral from the Lawyer Referral and Information Service (LRIS) program provided by your local State Bar Association office. The LRIS will match you with a lawyer based upon your specific legal need. You may wish to access a directory of LRIS programs by state.

http://www.abanet.org/legalservices/lris/directory/

 

Source: U.S. General Services Administration
Search All Articles
Related Articles
How To Save On Closing Costs
HomecashsmMany are shocked when they learn how much they owe to close on their mortgage. But there are ways to save before you sign on th
What are the FHA Loan Requirements?
FhaThe FHA makes it easy to secure a home loan. The FHA Loan Requirements are described in detail in this article.
Homeowners Insurance
HomeinstTips on how to shop for homeowners insurance and save money-also avice on flood insurance
Asbestos
Asbestosdanger2_thAn information guide on asbestos and asbestos abatement. Also discusses vermiculite and how it relates to asbestos.

More...
Most Popular
Co-Sign A Loan: What You Need to Know
HandshakesmCo-signing a loan can be a great gift for a friend or relative. Iit comes with very serious risks as well. Here’s what to know.
Harry Reid Biography
ReidthumbHe has developed a reputation as a consensus builder and a skillful legislator. Even his Republican colleagues praise him.
Executive Summary of the 2009 Stimulus Package
ObamasmallIn the next two weeks, the Congress will be considering the American Recovery and Reinvestment Bill of 2009
What Happens If I Dont Pay My HOA Dues?
PaymentYour HOA board has a duty to collect monthly association dues, and will take necessary steps to recover any missed payments.

More...

Zip Code Profiler

Neighborhoods, Home Values, Schools, City & State Data, Sex Offender Lists, more.

Instant Home Value!