There are many changes in the bankruptcy laws, including a new provision to limit the amount of creditor meetings. Debtors are also no longer prohibited from making large purchases in luxury stores. Instead, the trustee will look into recent purchases to evaluate the debtor's ability to pay. This change will make bankruptcy filing easier for people with low incomes. Whether or not you choose a bankruptcy attorney depends on your unique situation. The new bankruptcy subchapter is supposed to be easier and more affordable for most filers. While it reduces creditor protections, it also makes the process more affordable for business owners. For instance, in a chapter 7 case, the business owner no longer has to repay all of his or her creditors in order to retain their equity interest. Another change affects cram down plans in a subchapter V case. The new chapter does not require the appointment of a creditors' committee. These changes are intended to protect businesses and individuals from the negative impact of a bankruptcy filing. While these changes are not yet law, there is support in Congress for reforming the bankruptcy laws for individuals. If you think you may qualify for a bankruptcy, talk to your attorney today. The changes are not as complicated as they might appear. You can learn more about them by reading the following articles. The bankruptcy laws are continually evolving, and the changes to bankruptcy laws are no exception. Attorneys can help you navigate the new laws and make the best decisions for you and your business.
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