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Bankruptcy

1.	Introduction to Bankruptcy
2.	Types of Bankruptcy
3.	Who can file
4.	The Process
5.	Pre-Bankruptcy Credit Counseling
6.	Bankruptcy Reform
7.	Saving Your Home and Car
8.	Personal Property Exemptions and Other Assets
9.	Credit Card Debt
10.	Other Debt
11.	Married Couples
12.	Common Mistakes
13.	Alternatives to Bankruptcy

6. Bankruptcy Reform

Congress changed the bankruptcy laws significantly in 2005, making it more difficult for individuals to file for bankruptcy. However, bankruptcy relief remains available to those who qualify.

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Some important elements to the revised bankruptcy laws are:

A credit counseling class is required before someone can file for bankruptcy and a financial management class is required after the filing.
Individuals with higher income must file under chapter 13
The courts scrutinize bankruptcy filings more closely and require additional documentation
Lawyers are harder to find and more expensive
Credit and financial budget counseling is required
Property must be valued at replacement cost, instead of a "fire sale" cost
A particular state's exemptions may not available to recent residents (although those residents may be able to use their prior state's exemptions).

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