Here are some of the major changes under the new law:

1. The "MEANS' Test.  This test is being used to determine if you have enough disposable income to make payments into a Chapter 13 plan.

2.  Stringent Expense Allowance.  These guidelines are set by the IRS.

3.  Residency Requirement.  Two years.  It was 6 months.

4.  Mandatory Credit Couseling.   This must be completed within 180 days of the filing of your bankruptcy.  You will also have to get additional counseling on budgeting and debt management before your debts will be wiped out.

5.  More Paperwork.   More paperwork will be required from you to document how your bankruptcy is warranted. 

6.  Filing Fee Changes.  Now costs more for a Chapter 7 and slightly less for a Chapter 13.

7.  Valuation Increases.  Your assets must now be valued at replacement cost.

8.  Longer Time Between Filings.  You must now wait 8 years after filing a Chapter 7 to file another Chapter 7.

9.  Luxury Items.  Any and all luxury items purchased within 60 days of filing your bankruptcy must be paid in full.   This includes cash advances and services worth more than $500.

We have more information on the links devoted to Chapter 7 and Chapter 13 bankruptcies.