In October 17th 2005 an extensive change was made in the United States old bankruptcy laws which made lots change in later years in the same field. Made for the one who abused the old law and the new bankruptcy law are stricter and have too many requirements more than the before one. The three most important facts of the bankruptcy are, in the year between 1995 and 2004 the number of bankruptcy law filings has been doubled and in the same period the credit card industry profits has tripled, the reason for 85% of bankruptcies for the people at the age of 60 or older are medical bills or loss of job and the other reason median income of bankruptcy filers are $27,000.
The newly made changes include the filing up of the charge to chapter 13 instead up in the chapter 7 in case of the income than the median of the state where the new law has been passed. To file in chapter thirteen bankruptcy laws the debtor payment calculations and the guidelines are followed according to the norms of the new change in the law were seen from bankruptcylaw.org depend on the income for the last six months before filling up the bankruptcy and not on the current income.
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