New Bankruptcy Law Changes

Texas New Bankruptcy Laws Attorney

With the many headlines and horror stories regarding the bankruptcy law changes, many misconceptions and fears have been formulated about filing for bankruptcy. The Law Office of Gordon Mosley is here to answer your bankruptcy questions and put your concerns to ease. We have more than 12 years of legal experience and are very familiar with how the new act affects filing for bankruptcy. Contact our Texas Bankruptcy Code lawyers for a free initial consultation in Tyler.

Will the Bankruptcy Law Changes Affect Me?

Yes, the bankruptcy laws did change on October 17, 2005. However, this does not mean that an individual cannot file for bankruptcy. It simply means that there are a few more hurdles to overcome when filing. As experienced Texas bankruptcy lawyers, we assist clients in working through any setbacks that arise while filing for bankruptcy and explain how the changes may affect their case. For example:

• It is more difficult to qualify for chapter 7 bankruptcy eligibility
• An individual filing for chapter 13 bankruptcy may be required to pay a larger percentage of the debt back in a repayment plan
• In the past, a bankruptcy would cause payments to a 401k plan would stop; now, the payments must continue
• Each debtor filing for bankruptcy must now have a briefing with an approved credit counseling agency
• One may need to wait a short amount of time to file for bankruptcy so that the previous 6 months pay accurately reflects the individual's current financial situation (without bonuses or without a job)

Filing for Bankruptcy

Our lawyers recognize that although there have been alterations to bankruptcy laws, the need for a bankruptcy still very much exists. Whether you have suffered a job loss, a pay cut, or have been overwhelmed by medical debt, or a bad divorce, a bankruptcy could offer relief. For experienced assistance, please contact our Texas new bankruptcy laws attorneys today. We offer a free initial consultation.

Law Office of Gordon Mosley
Helping you get a fresh start in life.