2005 Bankruptcy Changes

Major Chapter 7 2005 Bankruptcy Law Changes from Old Law Requirements for Debtors

  1.  First you cannot be eligible to file if you have fled a Chapter 7 in the last 8 years.
  2. Chapter 7 Bankruptcy is now subject to a means test which previously did not occur. If your income is above The median you may be required to file Chapter 13.
  3. You are required to a attend prefiling credit counseling class.
  4. You are required to file proof of your pay advises for the last 3 months (sometimes longer) prior to filing.
  5. After your case is filed you are required to attend a post-filing debtor education
  6. Must provide tax returns or transcripts filed for the past 2 years in some case 3 years.
  7. For those filers with real estate or other property with mortgages, you must file your intentions whether you wish to keep the property with the court within 30 days, The automatic stay will be deemed terminated if it is not reaffirmed within 45 days of filing.