Many people believe that life after chapter 7 bankruptcy will be pretty dismal. If you are in the situation where you are being forced into considering declaring bankruptcy yourself, then you may be pleased to hear that life after chapter 7 bankruptcy is not necessarily as bleak as it once was, with the opportunities now present for you to rebuild your credit and so on.
But before you even consider life after chapter 7 bankruptcy, you really have a lot to get through! For a start, filing is no longer the relatively simple process it once was. Reforms to the bankruptcy code made back in 2005 have meant that it is now more complicated than ever to declare yourself bankrupt. However, there is a common misconception that the fact that it is now more complicated means that many people who were once eligible are now ineligible. This is entirely untrue. In actual fact, the vast majority of those who were eligible before 2005 still remain eligible for bankruptcy.
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The changes are essentially that anybody filing must now undergo financial counselling as well as personal money management classes. In addition to this, there is now a requirement that anyone who earns over the median salary for the state in which they are filing, will be recorded to undergo a means test. This is designed to ensure that all those who to declare bankruptcy really are in need of such a drastic step. This involved providing detailed documents about your finances in order that the court can ascertain your eligibility.
But despite these changes, bankruptcy is still an accessible option for those who are completely unable to repay their debts. You will just need a good bankruptcy attorney. Whereas, before 2005 it was possible to file alone, with the new changes of 2005, this is no longer the case.
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