Changes in the bankruptcy code

The bankruptcy code does not change as often as some other types of laws; however, there was a major change to the Bankruptcy Code in 2005.  Smaller changes in local rules take place often but the Bankruptcy Code affects all consumers because that is federal law.  Major changes in the Bankruptcy Code included the addition of a means test, credit counseling and mandatory consumer financial management courses.  Some protections offered by the bankruptcy stay were eliminated with the changes to the code in 2005.

To read about these changes and more see, “FAQ: Bankruptcy Law Changes.”