Yes, I agree to what the above poster has said.

I just came to know about the changes to the bankruptcy law. Came to know about the Means Test and the requirement of credit counseling before filing bankruptcy. Can you tell me how I, a layman might be affected due to the changes to the bankruptcy laws? I was thinking of filing bankruptcy? What steps do I have to go through?

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Yes, I agree to what the above poster has said. This is an attempt to reduce the number of people who file Chapter 7 bankruptcy and completely disregard their ability to make payments through the Chapter 13 bankruptcy plan. Unless you qualify for the Means test, you won't qualify for Chapter 7. So, if you have a stable income and yet you're trying to get a bankruptcy discharge, you might have to file under Chapter 13.

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Yes, what you heard is correct. You have to go through credit counseling 6 months before filing bankruptcy. You need to attend the credit counseling session from an agency that is approved by US Trustee's office. You've to show the certificate within 15 days of filing bankruptcy.


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