In case you have not heard, the Bankruptcy laws have greatly changed. But not all changes are bad for consumers. Here are some changes that actually are good:
1. It is easier to obtain relief in a Chapter 13 case than before.
2. If your debts are primarily business related, your debts may still dischargeable in a Chapter 7 even if you have the "means" to pay them off.
3. If your house is in foreclosure, you now have up to five years to pay back what your owe in order to cure your default.
And although the new laws require you to pay back your debts if you have the "means" to do so, many people will fail the means test and thus be able to discharge their debts without having to pay anything back.