The new bankruptcy law is going into effect in two days and many are flocking to file before the deadline. Most bankruptcy court systems are overloaded and the lawyers are actually turning away clients.

Summary of the new law:

* Imposes a strict and complicated Means Test that may restrict your ability to qualify for bankruptcy protection.

* Requires you to get a certification from a debt counselor that you made efforts to reduce your debt outside of bankruptcy.

* Increases the work and cost associated with obtaining a bankruptcy discharge.

Even with the new law, the experts said the percentage of people that will be rejected from filing bankruptcy is very small. For more information about the new law go to Total Bankruptcy

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