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The new bankruptcy law has provisions that make it harder for the people in debt to file bankruptcy. You probably won't lose any sleep over people who abused bankruptcy, but there are people who lose jobs or have uninsured medical expenses who the new law hurts. Most of the changes will cost you money one way or the other. You are also required to attend money management classes at your expense before your debts are discharged. In Florida, your home would have been exempt no matter how long you lived there.

If you have been moving around, the exemption of the state where you lived most of the time before the two-year period is used. It gets more complicated.

If any of the requirements of the new law confuse you and you decide you need a bankruptcy lawyer, it's going to cost you more. If you can find a lawyer willing to take your bankruptcy case, it is going to cost you more because of the time and effort it takes the lawyer to verify your information.

If you do find a lawyer willing to file, it will cost you a lot more.

See 'Further Changes Brought About by the New Bankruptcy Law' for information on Chapter 13 disposable income and changes regarding personal property.

You have information about the new bankruptcy law requirements for credit counseling, the income and means tests for chapter 7, residency requirements, and lawyer liability, but there are even more changes you should know about. It's no surprise these changes will make it harder and costlier to file bankruptcy. That meant most, if not all your personal property would fall within the exempt property categories of most states.

Under the new bankruptcy law, you must value your property it the price it would cost to replace it retail, taking into account its age and condition. A car is easier because you can just look up the blue book price. Otherwise you must use the exemptions of the state where you used to live. That reason behind that was to force people who could repay all or part of their debts to do so instead of using bankruptcy chapter 7 which wiped away most debts.

Chapter 13 bankruptcy required that you devote all your disposable income to repaying debts. That part hasn't changed, but how you calculate your disposable income has. Then, instead of subtracting your actual expenses, you use allowed expense amounts set by the IRS. These amounts are often lower than your actual costs.

Under the old law, if your bankruptcy case was dismissed for any reason and you still couldn't pay your bills, it wasn't much of an issue to refile. The new law limits debt relief if you are filing after a prior case was dismissed. It would probably be a good idea to consult a lawyer before you file.



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