Under this restrictive new legislation an individual seeking to wipe out their debts through a chapter 7 bankruptcy could be forced into a 5-year long protracted payment plan under chapter 13. Let's hope the US House of Representatives will alter or shelve this legislation before it becomes law. President Bush, who received huge campaign donations from major credit card firms, said he would immediately sign the new bill into law. If you're struggling with your debts and feel you might need bankruptcy relief sometime soon, don't delay.
Bankruptcy is an unusual subject.
The only people who seem to know anything about it are those who have actually had to file for bankruptcy. If you've never gone bankrupt, chances are you don't know much about it. Truth is, filing for bankruptcy can be like tap dancing through a mine field. Properly done, bankruptcy can be your key to a prosperous new life . But make one wrong move and you open yourself up to years of financial slavery and hardship.