For the first time in over 25 years, U.S. bankruptcy law reform was passed by Congress in 2005. The changes may affect you just a bit or in a major way depending on your personal financial situation. While there are a number of procedural changes, the most important involve credit counseling and a “means test”, which determines whether you can file either Chapter 7 or Chapter 13 actions, or whether you might be allowed to file Chapter 13 only. You are also now required to complete a credit counseling course within six months of filing bankruptcy, which is intended to help you understand how credit works with the hope that you won’t find yourself in this situation in the future. The bankruptcy law changes could affect you, so work closely with your attorney to decide how to proceed.

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