Following, in a nutshell, is a list of five items every individual should know about the new debt relief law.

Keep in mind that bankruptcy lawyers are now a good deal busier than before and it might be more difficult to hire one. Chapter 13 filings are a good deal more complicated than Chapter 7 filings, so many, if not most individuals could need to call an attorney. Many bankruptcy lawyers are at this moment reporting large increases in business; some are refusing potential customers as they simply are not able to handle more work.

Credit advice is presently required - The Government is mandating credit counseling as a requirement to a debt relief filing. Obtaining counseling from an organization that is not certified won't help you at all. Beware of other businesses that are not certified but are marketing their services as though they have been approved. The Trustees'office has established criteria for which credit counseling will and will not qualify to be "approved" pre-debt relief counseling organizations.

The changes in legislation hold attorneys liable for the documents they file for their customers. Many attorneys who offer debt-related services will raise their hourly rates to account for the additional attorney liability created by the new laws, so be prepared to hand over more now that the new debt relief legislation has taken effect. The possibility of penalties for attorneys because of lack of honesty by their customers has scared many lawyers away from bankruptcy practice, and those who provided free, or pro bono, legal assistance will soon stop offering debt relief services altogether. If you are dishonest in your documentation, your lawyer is liable for that and might be penalized.

Be expected to pay more bills - A Chapter 7 or 13 filing can't absolve some kinds of financial obligations, such as taxes or student loans. The list of financial obligations that must be repaid will grow longer under the recently passed legislation and it includes financial obligations incurred via identity theft.

Do not wait to call an attorney who specializes in debt relief law if you think you might need one. Should you believe you cannot pay off your obligations and looking for debt relief is unavoidable, don't wait.