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The new bankruptcy law has provisions that make it harder for the people in debt to file bankruptcy.

In addition to the new credit counseling requirement for all filers and the means test for chapter 7, there are other changes in the bankruptcy laws.

You are required to do credit counseling within six months of filing your bankruptcy petition.

There are new residency requirements. In Florida, your home would have been exempt no matter how long you lived there. Under the new bankruptcy law, if you live in a state for less than two years and it has a better exemption than where you lived previously, you can't use the more favorable exemption. If you bought your house less than 40 months (that's three and a quarter years) before filing bankruptcy, or violated securities laws, or have been found guilty of certain criminal conduct, you can only exempt up to $125,000 regardless of a state's exemption.

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. It will be more difficult to find a lawyer willing to handle your bankruptcy because of the liability and the time and effort it takes to verify all 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.

Under the new law, you must live in a state for two years before filing bankruptcy in order to use the state's exemption laws.

More people will be forced to use chapter 13 bankruptcy under the new law. That sounds reasonable to a lot of us. Under the old rules, you subtracted your actual expenses from your monthly income to arrive at your disposable income.

Under the new bankruptcy law, your monthly income is your average income for the six months before filing your petition. These amounts are often lower than your actual costs. That means more chapter 13 bankruptcy plans will fail. The new law limits debt relief if you are filing after a prior case was dismissed. Even if the lawyer will not take you on as a client to file bankruptcy, they may be willing to give you legal advice.



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