Bankruptcy is a legally declared state in which an individual or corporation is not in a position to pay off their debts due to several reasons. Though many people believe that financial distress only happens to people who have irresponsible spending habit, there are other reasons that many people find themselves in. Uninsured medical bills, loss of a job and economic regression are some of the few that people unexpectedly find themselves in and as such they find themselves insolvent.
There have been changes in the bankruptcy code that debtors must familiarize themselves with before they can file a petition. In the past many people would file without going through any form of counseling. Today however, debtors cannot be allowed to file without going through some form of financial education. This is done twice, before and after the filing, with an aim of helping the individuals to know how to handle resources in the future.
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Among the changes in the insolvency code is change in the automatic stay. The automatic stay stops the creditor from any collection action and a creditor who would like to continue doing so must have permission from the court. Those who have not been included in the list of creditors may not continue with the collection action against the debtor.
According to the changes in the bankruptcy code, non discharged debts are more as compared to the past code. Under chapter 13, the debtor should also know that there are debts that cannot be discharged as it was in the past. Debtors should seek the guidance of an attorney on these changes.
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