The personal bankruptcy is: a very last results tool available to you under the US law to protect you from creditors.
I sincerely believe that any personal bankruptcy should be avoided as much as possible.
This sensitive issue can affect any of us in our lifetime, which is why we need to make some hard consideration before filing for bankruptcy, in our case: personal bankruptcy.
Most personal bankruptcy these days will be a bit difficult for you, then before the new act implementation.
The purposes of filing personal bankruptcy are to help you start fresh with a new beginning in your life.
However, for the next ten years, your life style will be different then before filing the bankruptcy.
On April 20,2005 a new bankruptcy law has become a new law sign by: the latest president Gorge W. bush.
The main objective for implementing a new bankruptcy law was to prevent the consumer’s abuse of this act (from the government point of view), which initiated by the: US government.
The new law also known as: Protection act of 2005 (“BAPCPA”) reflect the new change of the old act.
If you wish to see more detail first hand of this new law,
visit at: http://www.uscourts.gov/bankruptcycourts/bankruptcybasics.html
Personal bankruptcy is now treating you under more scrutiny then before 2005, by the US bankruptcy court under the new law.
The basic of this scrutiny are to justify your case in the bankruptcy court.
The court will check your finance ability in order to give you a brake from creditors.
Each case will be treat by the court to determine if you qualify for the bankruptcy protection act.
Because of the legal issue involve, I’m unable to give you any advice on the bankruptcy protection act.
I can only recommend to you that if you ever need to file bankruptcy, hire a bankruptcy lawyer to: first analyze the new circumstance you are facing now.
Second: the negative impact that may accrue in your future life as a results of using this act.
Most bankruptcy lawyers will give you a precise pattern of procedures for you to understand before filing for the bankruptcy protection act.
There is also some fee involved while filing for bankruptcy, to my best knowledge it is less then: $1,000 but again check this fee on the web link provide in this article.