New Bankruptcy Laws

On April 20, 2005, President Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), which instituted substantial changes to the Bankruptcy Code. Amongst many requirements, the new code requires a Means Test, Credit Counseling, and Financial Management Certificates to be completed before a discharge of debts can be ordered by the Court. Satisfaction of the Means Test can be a very complex and the most important part of your case. Only an experienced Bankruptcy attorney can provide you with all of the answers that you need.

Since the creation of new bankruptcy laws in 2005, it’s more important than ever to consult with an attorney who deals exclusively with filing bankruptcy cases. Banks used their powerful lobby to include numerous provisions in the new laws that could undermine your ability to file bankruptcy in California, and also limit what debt can be eliminated. It’s no longer a simple matter of just filing some forms. The good news is that most people can still be eligible to file for bankruptcy protection without losing their business, home, autos, cash, 401k, and many other assets.
We have helped over a thousand clients either file bankruptcy in California, or avoid bankruptcy altogether, resulting in the discharge of Millions of dollars in debt. Our experience means we can help you assess factors that could affect your bankruptcy filing or prevent you from quickly getting your life back in order. These include:

• Property you have recently given away;
• Large credit card purchases or advances in the prior 6 months;
• Balance transfers onto newly opened credit cards;
• Exaggerated earnings on past credit applications.

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