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TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 11784
Experience:  JD, MBA
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Customer Question

Are the BK laws going to change back to the old format. i cant see how anybody with the high income new law will ever get into Chap 7, with everything thats going on there will be hundreds of thousands of new BK hitting the courts very soon. I cant see how the new BK laws can work???
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 8 years ago.

Hello and thank you for allowing me the opportunity to assist you.

Question: “Are the BK laws going to change back to the old format. i cant see how anybody with the high income new law will ever get into Chap 7, with everything thats going on there will be hundreds of thousands of new BK hitting the courts very soon. I cant see how the new BK laws can work???”

Answer: I agree with your points, but I doubt the laws will be changed anytime soon. The purpose of the income requirements was to force people with decent incomes to file for Chapter 13 protection instead of Chapter 7 protection so that the unsecured creditors will be at least partially repaid via the plan. To that extent, the law is doing exactly what Congress intended it to do.

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DISCLAIMER: Please understand that the complexities of most legal problems cannot be adequately addressed in this setting, and that I am only licensed to practice law in the state of Maryland. Accordingly, you acknowledge (1) that we have not formed an attorney-client relationship, and (2) that my post is general information only and is not specific legal advice.