Effective today, October 17, 2005, the way American's cancel their debt is forever changed. The debate over when and if one should file bankruptcy has long been a heated debate on both sides of the fence, regardless of where you stand; one thing's for sure the new bankruptcy laws will make it harder to file. In fact, the new laws won't allow some individuals, who normally would have been able to, to seek Chapter 7 protection resulting in a liquidation of their bills, and it will require others to attend credit counseling up to six months before filing.

continue reading...