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The Bankruptcy Reform Act

The Bankruptcy Reform Act

In 2005 the Bankruptcy Reform Act was passed which revised the U.S. Bankruptcy Code. This Act was passed with the hope that less people would file for bankruptcy since bankruptcy was used as a solution to avoid paying debt.

Filing for Bankruptcy

Filing for bankruptcy is a complicated legal process; you can do it on your own, but it takes a lot of time and work. For most people, it will be helpful to consult with a bankruptcy attorney. They will begin by asking questions to determine your personal financial situation and which type of bankruptcy filing is right for you. Before you decide to file, your attorney should help you determine if bankruptcy is the right solution for you.