Tougher Bankruptcy Law Takes Effect
Law Requires Mandatory Credit Counseling
— reported by Click2Houston.com
[snip]… it’s tougher to file for personal bankruptcy.
The new law makes it harder to liquidate. Those filing have to meet certain income requirements.
In addition, anyone wanting to file will have to undergo credit counseling and produce documents including tax returns, pay stubs and statements from their creditors.
The idea behind the new law is to prevent abuse of the bankruptcy system.