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The rush to file bankruptcy ahead of the new bankruptcy law over. Now what? Did you miss the boat if you didn't file bankruptcy before the new law went into effect?
Absolutely not. Although the new bankruptcy law has made it much more difficult to file bankruptcy, most attorneys are finding out that the new bankruptcy law is manageable and filings are on the rise.
One of the most confusing parts of the new bankruptcy law is the bankruptcy means test.
In an effort to stop bankruptcy abuse, Congress decided to implement a step to the bankruptcy process called the "bankruptcy means test".The
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Once you file bankruptcy, a court appointed bankruptcy trustee will oversee your case. The new law also requires that the bankruptcy petitioner to take a debtor education course and receive credit counseling from a U.S. Trustee approved non profit credit counseling agency.
United States Trustees supervise the administration of the following cases filed under the Federal Bankruptcy Code:
Liquidation proceedings under Chapter 7 bankruptcy- Those assets that are not exempt from creditors are collected and liquidated (reduced to money). The proceeds are distributed to creditors by a private trustee appointed to administer the debtor’s estate under
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