New Bankruptcy Guidelines
As an industry, bankruptcy attorneys have been working overtime lately, not just helping clients file, but correcting client's misconceptions of what the new bankruptcy laws entail. A large section of the general pubilc has been led to believe that bankruptcy will become overwhelmingly diffucult, or even impossible after Monday. This is not the case. The new bankruptcy code requires the debtor to jump through a few new hoops, but consumers who need to file for bankruptcy will find that these new requirements are achievable.
As a debtor, you retain most of the same rights once the bankruptcy procedure is complete, and creditors are not recieving any great increases in their rights. Fellow attorneys have heard questions ranging from, "Will I have to take a lie detector test to file?" to, "Is it true I can not own a car if I file under the new law?" The answer to these questions is NO. The rules are changing, but the end result of filing for bankruptcy remains largely the same.
