Back in 2005, Congress made some dramatic (some would say terrible) changes to the Bankruptcy Law. There was quite a bit of news coverage about the changes and how they would make it harder for people to file bankruptcy. Most of the news coverage was pretty superficial, leaving many people with the impression that, effective October 2005, they would probably not be able to file bankruptcy.
Now, almost four years later, hardly a day goes by that I don’t get a call from somebody who is drowning in debt and saying to me: “I don’t know if I even qualify to file bankrutcy.”
Because of all of the misinformation when the new law was passed and outright lies spread by the credit card companies, collection agencies, payday loan people and others who don’t want you to file for bankruptcy, I will be posting a series of articles where I go through the step by step process that I use to determine whether people “qualify” to file for bankruptcy. Each post will focus on one question that must be answered to make the “do I qualify” determination.
Let me dispel the biggest myth right now. If you have not filed for bankruptcy within the last eight years, you probably qualify to file now. Even if you have filed within the last eight years, you still may qualify, but you might have to file a Chapter 13 rather than a Chapter 7. If you want to know for sure, please feel free to give me a call at 719 227-8787. I’ll be happy to discuss it with you – no charge.
The next post will ask the question: “Have you ever filed bankruptcy in the past?” and will explain why that is the first question that must be answered.
If you like this post, or even if you don’t, feel free to leave a comment below. Thanks.