Re: New Bankruptcy laws?
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Posted by Robert M
(12.225.232.116) on May 22, 2002 at 03:31:01:
In Reply to: New Bankruptcy laws? posted by david on May 21, 2002 at 14:48:31:
I know that the new laws have been passed by both the house and senate but haven't been on the president's desk yet (fat chance he will Veto it.)The main change in the new law will be a "means test." This would determine whether a debtor would be allowed to file Chater 7 (total elimnation of debt) or have to file Chapter 13 (known as wage earner, where you pay back your debts.)Most people just filed chapter 7 previously to get it all done with (CH 7 closes the door.)The new laws were paid for by the credit industry and favors them. If you have an inclination of filing Bk go talk to an attorney now.
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