Major Changes in the Bankruptcy Law

On October 17, 2005, sweeping changes in the Bankruptcy Law went into effect. Although the new law will change the way Bankruptcy cases are handled, we believe that the new law will not affect the outcome in most cases.The major changes include mandatory credit counseling, revised computations of payments in Chapter 13 cases, and the application of the Homestead Exemption in some instances. Another important change in the law, effective Janaury 1, 2006, is the action taken by the North Carolina Legislature to expand the Homestead Exemption. This will allow many people who file Bankruptcy to keep property which they might have had to give up under the old law.

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