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It is almost certain that under the new law filing bankruptcy will cost more.

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. Most of the changes will cost you money one way or the other.

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. It gets more complicated. Under the new law, if information provided in your case is found to be inaccurate, the attorney is subject to various fines and fees. If you can find an attorney willing to take your bankruptcy case, it is going to cost you more because of the time and effort it takes the attorney to verify your information.

If you do find an attorney 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. There may eventually be some modifications in the law if it becomes evident it is causing more problems than it solves.

If you are allowed to file Chapter 7 bankruptcy, there are changes in how your personal property is valued. Under the old law, you could value your personal property at basically 'garage sale' prices. Since you have to come up with a retail price and your attorney has to certify it's correct, you just about have to have an appraiser to the valuation. 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. 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.

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.

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.

There are a lot of changes to the bankruptcy laws. It would probably be a good idea to consult an attorney before you file.



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