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Bankruptcy Law (S.256) In Effect
Posted By Jim On 10/16/2005 @ 4:47 pm In Credit,Debt,Personal Finance | 3 Comments
I discussed the new bankruptcy bill passed into law  back in March and the time has come for it to take effect. The spirit of the bill was to prevent anyone from taking advantage of the bankruptcy system by overspending and then claiming bankruptcy. However, with every law, there are unintended consequences and one of them is that good faith bankruptcies will not be allowed. I think that the “means test” for Chapter 7 filings (as opposed to repayment via Chapter 13) is very fair.
Only time will tell whether this bill was a good idea but so far I like it in spirit.
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 new bankruptcy bill passed into law: http://www.bargaineering.com/articles/new-bankruptcy-legislation-passes.html
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