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Bankruptcy Reforms
Bankruptcy ReformsBankruptcy occurs when one is unable to meet current expenses with current income. Bankruptcy is a filing made in federal court. In a Chapter 7 Bankruptcy case, the insolvent gives notice to creditors of the bankruptcy and, after a hearing, the debtor may be granted a discharge from some or all of the debts. In the bankruptcy process, most assets of the debtor will be liquidated under the supervision of the bankruptcy trustee. Bankruptcy is recognized in the United States Constitution. The Bankruptcy Reform Act passed in 2005 will make it more difficult for persons with higher than state median incomes to achieve discharge of their debts without going through a credit counseling program or a restructuring of the debt under Chapter 13 of the Bankruptcy Code.
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