2005 Bankruptcy Law Changes

Though bankruptcy laws do not frequently change, there were several important changes in 2005 that can affect whether you are able to file bankruptcy, and which type you can file. As an experienced Waco bankruptcy attorney, I’ve made sure to outline those changes here, so you can make an informed decision if you are considering bankruptcy.

Here are the most significant changes:

  • You can’t file a Chapter 7 bankruptcy and receive discharge of your debts if you received a discharge in a prior Chapter 7 filed less than eight years ago. However, you may still be eligible for a Chapter 13 bankruptcy case even under these circumstances.
  • You’ll be required to attend credit counseling before you file any type of bankruptcy. The counseling must be completed less than six months before the filing date, and we cannot file your bankruptcy case until the day after you complete your counselling. But the counselling is easy, and can be completed on the Internet or over the phone. During the bankruptcy, we also provide great debt management training offered by syndicated talk show host Dave Ramsey. That course provides excellent information regarding your financial life after bankruptcy.
  • Additional paperwork is required for both Chapter 7 and Chapter 13 filings. Don’t worry, though – my associate attorneys, staff, and I have the experience and expertise to make sure that all of your paperwork is completed before the filing is made.
  • There are income restrictions for Chapter 7 filings. If your income is greater than the median income in your area, you may be subject to a “means test” that will require us to perform a careful analysis of your financial situation before filing a Chapter 7 for you.

Before you decide on a certain type of bankruptcy, call us. We will be happy to walk you through the requirements. When you’re ready to file, I’ll be there to represent you every step of the way. My goal is your financial freedom – and with over two decades of experience, this Waco bankruptcy attorney and Killeen bankruptcy attorney has the knowledge to get you there!