Bankruptcy No Longer Offers A New Beginning
In days gone by, filing for Chapter 7 bankruptcy was a way for those with unmanageable debt to avoid repayments However, with the recent bankruptcy reform, many who would in the past have filed Chapter 7 are now being forced to file Chapter 13 bankruptcy, which forces these individuals to create and stick to a plan for debt repayment.
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Most private individuals or families filing for bankruptcy come from middle class America. Confronted with high medical bills, credit card debt, or the loss of income due to death, in the past, these families often sought a new beginning through the filing of bankruptcy. However, with the new bankruptcy legislation, this option is quickly disappearing.
Not all of those filing for Chapter 7 bankruptcy will be forced into Chapter 13. Rather, each bankruptcy filing will be evaluated for the filer's ability to pay debts over the long term. If a filer demonstrates this ability, then forced Chapter 13 bankruptcy is probable. Bankruptcy filers will also be required to attend debt-counseling and financial management classes.
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