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Since the bankruptcy law changed in 2005, there have been many misunderstandings about the bankruptcy rules. Many people now believe that almost no one can file for Chapter 7 bankruptcy since 2005. That’s just not true.
Although the new bankruptcy laws that took effect in October 2005 did add some hurdles for debtors, consumer bankruptcy attorneys and credit counseling agencies have seen that the “Chapter 7 means test” actually prevents very few debtors from filing under Chapter 7.
Some credit counseling agencies have even seen that by the time most debtors come to them for the new pre-filing credit counseling, they have no other real option! The safety net of bankruptcy is still available to mostly all consumers in financial crisis.