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Under the old bankruptcy laws, most debtors chose amongst a liquidation proceeding beneath Chapter 7 of the Bankruptcy Code and a wage-earner repayment strategy beneath Chapter 13. Under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), new bankruptcy law, a two-element implies (earnings) test now determines if your are eligible for Chapter 7 or must file under Chapter 13 for relief. And, because the new law imposes stricter requirements on lawyers, it's harder to locate an lawyer to represent you in a bankruptcy case.

The new law mandates that all debtors must get credit counseling with an agency authorized by the United States Trustee's workplace prior to they can file for bankruptcy. As soon as the bankruptcy case is over, all debtors need to attend additional counseling on budgeting and debt management ahead of bankruptcy discharge of debts can happen.

"There are dozens of catches that will make it tough for people who legitimately need to have to file for bankruptcy," says Travis Plunkett, legislative director for the Consumer Federation of America. "The technique of the folks who supported this bill appears to be death by a thousand cuts. There are a lot of traps and gotchas developed to snare people and maintain them from discharging debt that they really may need to have to get out from beneath."

Filing for bankruptcy really should constantly be a last resort, considering that it damages your credit for several years. Besides, the new bankruptcy law makes it considerably far more pricey and time-consuming to file. Unsecured loans almost certainly won't provide adequate money for any debt consolidation loans. So, if you are a homeowner a debt consolidation loan could give you some relief by saving you cash on interest. You could want to consider mortgage refinancing or a house equity loan (second mortgage) to spend your credit card debt and secured loans, specially if the new law for minimum payments has you thinking about bankruptcy.

Ideally, you really should apply for a fixed mortgage rate loan due to increasing interest rates. But, if you want brief-term relief and plan to refinance later on when your finances are in order or you plan on moving soon, adjustable rate mortgages could work out nicely for you due to their initial low interest and lower monthly payments. buy fha loans homepath loan mortgage after foreclosure 2011