Not much into it but heard this morning a discussion about it. If you file for bankruptcy today, your assets are liquidated and basically after that you are free of any debt. With the new law in place, your access get liquidated and you will still need to pay your creditors if your level income exceeds the medium in your state. Maybe someone with more information can get the better explanation.
Bankruptcy Law Changing as October 2005
- Thread starter Sean Mota
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Also I believe any new debts incurred within 3 months prior to the filing must be paid off. Or maybe that's in conjunction with the condition above, an income level threshold.
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