A Look at Current Bankruptcy Laws

If you are a credit card carrier, it is beneficial to know as much as possible about bankruptcy laws. Although you obviously do not intend to file for bankruptcy before you have ever even started charging, it is always a possibility. Therefore, you should understand your rights and responsibilities.

The most recently passed bankruptcy law makes specific requirements that are meant to fill the loopholes that were in the previous policy. One of these requirements is to have a bankruptcy attorney analyze the financial status of the person wishing to file for bankruptcy before filing can take place. If filing Chapter 7 bankruptcy, the debtor is protected from both unsecured and secured debts. With Chapter 13, on the other hand, the debtor must repay secured debts over a period of time. In addition, he or she is expected to pay as much of the unsecured debt as possible.

When determining whether a person can file for Chapter 7 or must file for Chapter 13, his or her assets are analyzed. Luckily for the consumer, college savings plans and retirement plans are not considered when it comes to listing assets.

Another change made to the newest bankruptcy policy is a requirement to live in the state in which you are filing. Many people in the past have chosen to file in states other than where they live in order to take advantage of the state’s more lenient bankruptcy laws. Therefore, don’t look at this as an option if you fall short of paying your debts back on time.

Beware of Phishing
To Pay or Not to Pay: Is it a Good Idea to Pay Your Taxes with Your Credit Card?
The Financial Dominance of the Credit Card Industry
Keeping Your Credit Card Safe
Traveling With Your Credit Card
A Look at Current Bankruptcy Laws
Fixing Mistakes on Your Credit Report
Flying With Credit Card Airline Miles
Get Stylish with Your Credit Card
Keeping Your Credit Report Clear
Modern Day Vending Machines
Using Pre-Paid Credit Cards for College Students
Making Sense of the Prime Rate
Protecting Your Credit Card Account Information
Reasons to Use a Credit Card Instead of Cash
Rising Minimum Payments: Friend or Foe?
Staying Out of Debt While Using a Credit Card
Pay Your Way Out of Debt with Your Tax Refund
Tips for Shopping Online With a Credit Card
Understanding Airline Miles Credit Cards
Understanding Cash Back Credit Cards
Understanding Prepaid Credit Cards
Understanding Rewards Credit Cards
Understanding Student Credit Cards
What to Look for in a Credit Card
What to Watch Out for in Pre-Paid Credit Cards