2005 Bankruptcy Law Changes

You’ve heard about the “bad changes” to the bankruptcy laws that happened back in 2005. Under the new laws, should you file a Chapter 7 or Chapter 13 bankruptcy petition? Or can you file at all?

Many factors which go into this determination are unique to you, and depend on Louisiana state law and the Bankruptcy Code. As your Louisiana bankruptcy lawyers, we can help explain how these changes affect our recommendations.

Here are the most significant changes affecting which type of bankruptcy you can file:

• You can`t file a Chapter 7 bankruptcy if you have already done so and received a discharge within the past eight years. This change was designed to avoid abuses in the Chapter 7 protections.

• Starting in September 2009 (for the Eastern District of Louisiana), you must attend credit counseling before you file any type of bankruptcy. The counseling must be completed less than six months before the filing date.

• More paperwork is required for both Chapter 7 and Chapter 13 bankruptcy filings. Harrington & Myers helps all our clients get this paperwork together.

• The new laws added a maximum income limit for Chapter 7 filings. Ask us for more information on how your income affects your bankruptcy choices.

All this added complexity means that you really need Southern Louisiana bankruptcy attorneys who are on your side! Contact us to schedule a free consultation at your earliest convenience.