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In 2005, Congress passed a new series of bankruptcy laws. These measures included the creation of the Chapter 7 Means Test. At the time, many people thought that the new changes would make it difficult for people to get access to bankruptcy.
Looking back, that hasn't necessarily been the case. The Means Test has become more of a tool for preventing people from abusing bankruptcy. For the most part, the people who need the help of bankruptcy are still eligible to file.
This video takes a look at the notion that bankruptcy is out of reach. As the bankruptcy lawyer in the clip accurately points out, filing bankruptcy is far from "impossible."
If you want information on the current bankruptcy laws and how they may affect you, speak with a local bankruptcy attorney.
WOMAN WITH MEDICAL BILLS: With such high medical bills I'll never get back to square one when it comes to my finances. To be honest with you, I've thought about bankruptcy. But from what I've read in the papers and seen on TV it's impossible to file nowadays.
So I've given up on that idea and I've resigned myself to the fact that I will be a hostage to these stinking bills.
BANKRUPTCY ATTORNEY: The fact is that it's not impossible to file bankruptcy under the new laws.
The credit card originating industry and banking industry spent hundreds of millions of dollars lobbying congress to get bankruptcy legislation passed that was intended to prevent folks filing bankruptcy and they spent even more money trying to convey the impression that you could not qualify for bankruptcy.
At the end of the day it turns out that only five percent or less of folks who've applied to file bankruptcy under the new bankruptcy laws have been disqualified.
So is it impossible to file bankruptcy? Not by any means.
WOMAN WITH MEDICAL BILLS: So I guess I shouldn't believe I read in the papers or see on TV. For more bankruptcy information visit TotalBankruptcy.com
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