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Should you file for bankruptcy now?
The bankruptcy reform bill soon will make financial relief more difficult to find if you make more than the median income. If you’re a candidate for bankruptcy, here’s what you must know.
By Liz Pullam Weston View her column Monday and Thursday on MSN Money.
Filing for bankruptcy is about to become more difficult and more expensive.
Now that the long-delayed bankruptcy reform bill may be about to become law, lawyers are predicting a huge rush of filings in the next six months as consumers try to beat the deadline and declare bankruptcy under the old rules.
If you’re on the financial edge, the question remains: Should you file now?
The answer, unfortunately, may be yes.
The new law would prevent many people from filing under Chapter 7, the bankruptcy code that erases most debts. Instead, they may be forced to file under Chapter 13, which requires repayment of at least some of what they owe. Some may be denied bankruptcy protection altogether.
After more than a year, a conference committee agreed on legislation late last week to rewrite the nation's bankrupt laws to make it tougher to escape debts when you file for bankruptcy. Although the agreement has hit a snag in the House, proponents still believe they can get the bill passed when Congress resumes session in September.
The result is that filing for bankruptcy would become more complex, involve more paperwork and cost more in legal fees.
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