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Do consumer debt relief partners look at your budget when they want to put you into a program? In 2005 there was a reform in the bankruptcy legislation. This reform changed the laws making it much more difficult for a American to qualify for Chapter 7. A Chapter 7 will completely wipe the slate clean of the debts owed. If someone does not pass the “means test” to qualify for Chapter 7 then they will have to file a Chapter 13. With a Chapter 13 the court will assess your entire financial state of affairs to decide how much you will be forced to pay back towards your debts within the next 5 years.

They didn’t want to be held accountable for their actions. The credit card companies were sick and tired of this so they lobbied to have the bankruptcy legislation updated. It is now known as the Bankruptcy Abuse Prevention and Consumer Protection act of 2005. Will debt settlement be the correct choice of action for me to get involved in something that will help me out greatly for my future.