The most significant revisions to the U.S. Bankruptcy code include mandatory credit counseling, a financial means test, adaptation of residency requirement, confirmation of merit by attorney, decreased automatic stay protection, and prior tax return documentation. Explanations for each of these are provided below in a simple and easy to read format.

New Bankruptcy Laws

All New Bankruptcy Laws Articles

The Means Test

The Means Test was added to the bankruptcy code with the intention to remove the excessive abuses of the bankruptcy protections. The Internal Revenu...

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The Next Bankruptcy Reform

The current bankruptcy laws have become the source of malcontent for hard working people attempting to hold on to what they have, legislators who in...

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Attorney Verification

Attorneys are now personally liable for the validity of the information contained within a bankruptcy petition. Opponents of the law became concer...

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Automatic Stay Provision

The automatic stay provision of the bankruptcy code provides protection for petitioners against ongoing legal proceeding by creditors.

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Credit Counseling

Credit Counseling The first aspect of bankruptcy and credit each person should be aware of is the time a bankruptcy remains recorded in public court...

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2006 Median Family Income by State

Source: U.S. Census Bureau, 2006 American Community Survey

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