San Antonio Bankruptcy Lawyer | The Baez Law Firm, P.C

1100 N.W. Loop 410, Suite 365
San Antonio, Texas 78213
Tel. (210) 979-9777
Fax. (210) 979-9774

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This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of
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Not certified by the Texas Board of Legal Specialization.

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BANKRUPTCY

Widespread changes in consumer bankruptcy law took effect on October 17, 2005, with passage of
the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

The latest changes to bankruptcy law may be making it harder for some people to file bankruptcy;
however, Bankruptcy is still available to help protect people in financial need, even though it has
gone through a major change in the last years.

For eight years, the credit card industry pushed for new bankruptcy laws, and thanks to their
intense lobbying efforts and high political contributions, they succeeded. The changes make it
harder for consumers to file bankruptcy and have eliminated some of the benefits of prior law.

Before you can file for bankruptcy under either Chapter 7 or Chapter 13, you must complete
credit counseling with an agency approved by the United States Trustee's office.

The problem with this new law is that it won't stop fraud and it doesn't protect consumers. The
law makes it harder for lower and middle class workers who are already being beaten down by high
interest rates, high housing costs, job losses, divorce and/or medical bills. This was a tool of lenders
trying to squeeze more money out of already strapped families and individuals.

The Bankruptcy Reform Act of 2005 include provisions which will make it harder for most people
to file bankruptcy. It involves more paperwork for everyone, and many of the changes just don't
make a lot of sense.

Attorneys are required to provide additional disclosures, including disclosures that must be given
to you at the start of any assistance to you. You may find that attorneys won't talk to you on the
phone anymore, even to answer simple questions because of the required disclosures. You may be
asked to come in to receive those notices before the attorney will answer any of your questions.
But a consultation should provide you with the answers you need about YOUR situation, and to
see if bankruptcy will help you, so meeting with an attorney to find out what your rights are is
often a very good idea anyway.