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For a full discussion, you can perform a Google search for something like "2005 bankruptcy reform" and get more complete answers. For consumers, eligibility for Chapter 7 will be based on a "means test" that will depend on your income, number of family members, where you live and how your expenses compare to a list of predetermined criteria. And the means test is based on your average income for the last 6 months as opposed to your current income. If you were just fired from a high paying job, you woudl still have "income" for the means test. Some consumers that were previously eligible for a Chapter 7 discharge might be forced into a Chapter 13 repayment plan. Consumers will need credit counselling before they file for bankruptcy and before they get a Chapter 7 discharge. There is a new cap on the homestead exemption. NOTE: These are just SOME of the important changes. You should see a local bankruptcy attorney to determine what other changes might impact your decision to file for bankruptcy.

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โˆ™ 2005-10-15 14:29:59
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Q: What are the new laws concerning bankruptcy and credit cards?
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Where can you find information about corporate bankruptcy laws?

Does corporate bankruptcy affect personal credit?


What are the laws pertaining to a credit reporting agency still reporting after a bankruptcy discharge?

Debts included in the bankruptcy should be noted as such in the credit report. The bankruptcy will remain on the credit report for ten years.


Is it legal to get a credit card after bankruptcy?

It is up to the credit card company/bank to give you a credit card. If they approve you, that is their risk. Lately, card companies purposely target people with bad credit (including people who have gone through bankruptcy) because they have a better chance of making a profit through late fees and high interest. Also, new bankruptcy laws state that credit card debt can now not be relieved through bankruptcy. So, if you have bad credit or you are an idiot with your money, don't fool around with credit cards.


Do US District Courts hear matters concerning federal bankruptcy laws?

No. Cases involving federal bankruptcy law are heard in the 94 US Bankruptcy Courts.


Are there any laws regarding the number of credit cards one person can have?

There are no laws that limit the number of credit cards one can have, but there is a 'law' of common sense. Too many credit cards and too little money equals a lot of debt.


What are the new bankruptcy laws?

Visit the Bankruptcy Action website for an explaination of the new bankruptcy reform and a guide to determine what is needed to qualify for a chapter 7 or 13. http://www.bankruptcyaction.com Please visit Bankruptcy Action Com for information concerning the new state and federal bankruptcy laws. http://www.bankruptcyaction.com


Who makes the law concerning bankruptcy?

They are Federal Laws, all of which are made by Congress and passed by vote of your elected officials.


According to bankruptcy laws, how long must one wait after filing bankruptcy before they can buy on credit again?

Bankruptcy laws do not prohibit a person from opening another credit account. However, it may be difficult to find a bank willing to extend credit to someone who has filed bankruptcy. In addition, consumers should be careful not to repeat past mistakes. Once bankruptcy has been filed, it is a good idea to operate on a cash basis to re-learn the essentials of personal finance.


What are the key differences in bankruptcy laws between Florida and California?

Bankruptcy laws are federal so there is probably no difference in bankruptcy laws between Florida and California.


What is the maximum interest rate permitted to be charged by a credit card issuer?

Every state has different laws concerning interest rates. The least consumer friendly state concerning usury laws, Colorado, has a maximum annual rate of 45%.


What was the time frame a bankruptcy stayed on your credit under the old bankruptcy laws?

Your confusing credit reporting with the BK laws. Different things. The laws changed the time limits between filing, they don't effect the credit reporting agencies....which are private information services and can basically do what hey want. As a mtter of federal court your record is available for a long, long while for anyone that wants to look, or pay someone to look for them. Most credit reports look for 10 years. how long a lender may care about it is another story. Their own personal preference.


What happens if you do not pay your debt within 7 years will you still be obligated to owe that if it falls off your credit report?

Many consumers assume that the time to collect a debt corresponds with the time the debt remains on the credit report this is not true. Statute of Limitations laws for debts are enacted by states, some concerning open accounts (such as credit cards), can be as short as three years.


When were the new bankruptcy laws introduced?

There are some new laws that deal with bankruptcy that were passed in 2005. The change the way that one has to go about declaring bankruptcy and how it should be solved.


How do I undo credit damage due to identity theft?

If you believe that your credit has been used by another individual you should first contact your credit card companies and bank to cancel your cards and stop others from using whatever was stolen from you. You will have to sign an affidavit with them and with the credit reporting companies to correct everything. This site is helpful with the laws concerning identify theft. http://www.justice.gov/criminal/fraud/websites/idtheft.html


What are the main changes in the new bankruptcy laws?

Some of the new changes in the new bankruptcy laws are that you have to be in over 20 thousand dollars in dept and must prove that you can not afford to pay for all of the bills that you are trying to bankrupt on. Once one goes bankrupt they can not do it again for at least 7 to 10 years and they will not be able to raise there credit fast. It will be very difficult to get any kind of credit.


Where can you find information about the new bankruptcy laws?

All new federal and applicable state bankruptcy laws can be found at http://www.bankruptcyaction.com


When did the time limit for a chapter 7 bankruptcy change from 8 years to 10 years and is a bankruptcy petitioner protected by a grandfather clause if they filed before the change?

The length of time a discharged 7 or 13 bankruptcy can remain on a credit report has always been 10 years. A dismissed chapter 13 remains for 7 years a dismissed chapter 7 remains for 10 years. Therefore, no type of clause applies because the requirement has never changed. Bankruptcy laws and credit reporting laws are two entirely different issues.


How can you obtain a student credit card?

While there are student credit cards, new Federal laws impose restrictions on issuing credit cards to individuals under 21 unless the applicant has the independent ability to repay debt, or has an adult co-signer who agrees to accept joint liability for the account.


Should bankruptcy be made more difficult in order to discourage overspending?

No. Once you have a Bankruptcy on your credit report, your spending days are over for many years unless you have cash.A Different Perspective:It already has been made difficult. Newer bankruptcy laws have established a series of (metaphorical) hoops for potential filers to jump through. By and large, these are pointless and ineffectual, but the requirement of completion make it more difficult for those who are filing. Bankruptcy itself, and the current obstructions do nothing to discourage overspending. In fact, within months of the completion (discharge) of a bankruptcy, creditors often flood the recently bankrupt person with offers for credit cards and loans. It really is a viscous cycle that the individual must take charge of.


In the US bankruptcy laws are regulated by what?

In the USA the bankruptcy law is regulated by the Federal governs.


What qualifies you to declare bankruptcy?

There are General Federal Laws that govern Bankruptcy. Each state may have additional laws regarding bankruptcy. So Is Best to consult an attorney or financial adviser in your state.


Who can make laws governing bankruptcy?

The Congress.


Has the state of Michigan ever filed for bankruptcy?

No. No state has ever filed for bankruptcy. States are not coverd by current U.S. bankruptcy laws.


Does the constitution prohibit a state from declaring bankruptcy?

No, the only mention of bankruptcy is that Congress shall have the power to enforce uniform bankruptcy laws.


Effect of credit reference bureaus on bankruptcy laws?

Very little. Credit bureaus, really only being research libraries of information, much of which is available other places but gathered in one spot for members, really have little or no involvement with bankruptcy Actually, other than producing a proprietary service they sell called a credit score, they have very little interest in credit matters. They don't really extend any.