February 20th, 2008
A Bad Thing??
There have been many criticisms of the revisions in chapter 7 bankruptcy laws. Among these, critics cite the increased difficulty in the ability to file under chapter 7 bankruptcy laws – rather, it makes the option of Chapter 13 more prevalent. Under Chapter 13, none of the filer’s debts are forgiven, and this means that the debtor will still be responsible for finding some way to pay off debt (in Chapter 13, it’s done by readjusting debts in conjunction with your creditors).