Changes in Bankruptcy Law

The new law allows most people to file for bankruptcy protection. Bankruptcy is still available for the general public and debts can still be eliminated.

There are now some additional steps to take to file a bankruptcy. Before you file for bankruptcy protection, you must complete a credit counseling session with a credit counseling agency that has been approved by the court. The credit counseling session can be done over the phone or internet and will take about a half hour to an hour. There will normally be a small fee.

After you file your bankruptcy, you must complete a financial management course with a court-approved agency. There will be a small fee for this course, which can also be taken over the internet or by filling out a workbook.

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