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	Debt Consolidation   New bankruptcy laws Chapter 11 bankruptcy Chapter 13 bankruptcy How bankruptcy affect student loans Managing your debt Myths and misconceptions about bankruptcy About bankruptcy New bankruptcy laws Types of debt Debt Consumer Debt Loan Shark Loan Default Usury Predatory Lending Abusive or Unfair Lending Practices Statute of Limitations There is a new bankruptcy law that has come forth recently and it will change the way we bankrupt ourselves forever. George Bush's Bankruptcy Abuse Prevention and Consumer Protection Act is going to make it much harder for everyday folks like you and me to file for Chapter 7 bankruptcy. Chapter 7 bankruptcy is the most common type of bankruptcy that there is. This is the type that allows you to write off your debt while keeping your car and your primary residence. With the new laws you will instead have to file for Chapter 13 bankruptcy, which is a whole different process. With Chapter 13 you will have to pay back most of your debts, the only change they have made to this law is that instead of 3 years you will now have 5 years to get back on track. There is a formula that will determine just how much you will have to pay your creditors. George Bush's Bankruptcy Abuse Prevention and Consumer Protection Act has most people wondering if they are going to be eligible for Chapter 7. To find out for sure you will have to pass a means test and if it turns out that your total yearly income is greater than the median income of the state that you live in then you will not be able to apply for Chapter 7. Most of your retirement savings will be safe when you file for bankruptcy under the new law. Your IRAs will be safe up to the one million mark and rollover IRAs do not even have a limit so they are protected as well. You can also repay pension loans. All of this means that you will still have a secure future when you get to retirement age, which is a major concern for all of us. Your home will be exempt from creditors but this does not mean that you can file away some of your assets in a brand new home. When you file you will have had to be living in your current house for at least forty months or else the amount exempt will be capped at $125,000. Filing for bankruptcy will also cost you significantly more than it used to under the new George Bush Bankruptcy Abuse Prevention and Consumer Protection Act. And the fees that lawyers can charge you will soar as well. They can actually double. Not only that but you will now have to take part in credit counseling. Before you choose a credit counselor beware, as there are many of them out there that will rob you blind. Checking with your local Better Business Bureau will give you a good idea of which ones to avoid and which ones to use.