They change regularly...and likely will again soon.
In 2005 there was a major revision.
No, bankruptcy laws are getting more strict to stop people from abusing it.
The most significant change to the 1978 statute concerns consumer bankruptcy under the Chapter 7 liquidation provisions.
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.
NO BODY REALLY KNOW RIGHT NOW. THERE ARE LAWS AGAINST IT,BUT UNTIL THE POLICE BECOME MORE STRICT ABOUT IT, IT WONL;T CHANGE FOR A WHILE... -AUTUM M.
The last word was it was waiting editing of terminology, and has not become offcial. ALthough there have been some amendments added to Federal Bankruptcy Laws.
A judgment is final and does not change. The creditor was awarded and filing bankruptcy is a different issue. Also state laws vary. A petition in bankruptcy lists the debtor's assets, liabilities, and debts so that a realistic arrangement for the payment of creditors can be devised.
The United States Congress has the authority to establish the laws and regulations governing bankruptcy through the Bankruptcy Code. Congress shapes the bankruptcy laws, including eligibility criteria, debt discharge rules, and the procedures for filing and resolving bankruptcy cases. Additionally, Congress provides oversight of the bankruptcy system, regularly reviewing and amending bankruptcy laws as necessary.
Does corporate bankruptcy affect personal credit?
In the USA the bankruptcy law is regulated by the Federal governs.
In the USA the bankruptcy law is regulated by the Federal governs.
In the USA the bankruptcy law is regulated by the Federal governs.
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.