Bankruptcy law revisions have been intended to make it more difficult for the casual consumer to file for debt relief, but were projected to continue to be able to help consumers who genuinely need it. The recently passed bankruptcy legislation has a lot of individuals with money woes uncertain about how the new law may impact them personally. Debt counselors doubt that the Federal law will help consumers; so far it looks like a much better law for the creditors than for the people with debt problems.

Here are a couple of of the falsehoods and misunderstood things in regards to personal bankruptcy.
 

Is it possible to apply for bankruptcy as often as you like?

Debt relief applications are not unlimited and do have continuing consequences. A debt relief filing will stay on your credit record for 10 years. Filing for debt relief through the courts may make it harder to acquire significant credit, such as for a car loan or a home loan. There is a price to be paid for filing f, and debtors with money problems shouldn't take a bankruptcy filing lightly. The law allows you to file for Chapter seven debt relief, which eradicates nearly all personal debts, only once every six years.

Can you keep your home, boat, recreational vehicle or vehicle if you file?

A few states, such as Texas and Florida, have charitable household exemptions, as long as you have lived in the house for at least forty months. Boats and RVs are not excepted and will have to be sold to pay your debts. Conditions fluctuate under the newly enacted law; you may or may not be able to keep your property.