There are many reasons as to why people find themselves going to court to file a bankruptcy petition. Though many people tend to think that those who find themselves in such a situation are failures, the truth is that, there are many reasons why people would file a financial distress petition. There are alternatives that the debtors could try out before they can resort to it. When it is clear that they cannot pay off their debts, they should get the advice of an attorney in order to make informed decisions before they can settle for the petition.
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There are changes that the debtor should be aware of once they choose to file a bankruptcy petition. Students loans will now be exempted if the debtor has terminated his studies seven or more years before filing the petition. This is good news to anyone who wishes to file a petition since they can get a discharge after five years instead of waiting for ten years as it was. This is only applicable for those filing under chapter 7.
Under chapter 13 or the wage-earner chapter, the court will grant protection to employees of an insolvent company. This will be in form of guaranteed payments, that these employees will receive monthly. This will be done by the minister of housing and will be done after a means test which will determine eligibility.
Employees should therefore not worry about what will happen to them since their payments will be taken care of, even after a financial distress in the company. These bankruptcy changes are only applicable for certain states and the debtor should seek guidance from an attorney who will give information on whether these changes will affect the bankrupt person.
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