The new bankruptcy laws have made it more difficult for an individual debtor to file his petition. Although I do not practice in bankruptcy...it is my understanding that individuals now have to pass a test to determine if they can liquidate their debts. I may be wrong but as I understand it, if their income is below the state's poverty level they can liquidate their debts. If not, they get a 5 year payment plan under a Chapter 13 reorganization.
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