New Bankruptcy Law Secrets
Bankruptcy Timing
Under the old law you
could file a chapter 7 bankruptcy once every six years. Now that figure has been expanded
to eight full years. In my opinion the new law was largely motivated by a very small group
of bankruptcy abusers.
Around 3% of bankruptcy filers are spendthrifts that simply can't stop spending money. These people need to visit a mental health care specialist - not a bankruptcy court.
Though
their numbers are very small, our legislators have focused on their abuse. Hence the
extension to eight years and the new requirement that filers have to attend consumer
credit counseling sessions. (What good are these sessions for someone who was forced into
a chapter 7 bankruptcy by illness?)
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