My friend and I had a discussion about this. She has some debts and was considering bankruptcy. I heard that the laws had changed considerably. Anyone have any information? Thanks
I have a dream…that someday people like Allisa will lose a job, run up huge medical bills, or have some other disaster in their lives. Then they will see what it's like to be in debt and no way out.
They seem to think every bankruptcy case involves people who just overspend and are not responsible. Trust me Allisa, most of them are not!
Read the link below. It goes into the new bankruptcy law rules. Remember, bankruptcy is the very last resort. You need to first try to work out a budget and pay your bills.
If you file bankruptcy, and can't qualify for a chapter 7, you will be placed on a "plan" where all of your disposable income is taken by the trustee to pay back a portion of your debt. It will be as bad as a budget, but worse because you have no "wiggle room" to play with in case of emergency.
Forget the morning Starbucks. No more movies, entertainment, or dining out.
Good luck
