2005 Bankruptcy Law Changes

Belleville 618.236.7000
Granite City 618.656.7941

The Bankruptcy Law Changed in 2005

In response to a credit card lobby that wanted to decrease the number of bankruptcies in the country, Congress made some major changes to the Bankruptcy laws in 2005.  The new laws made the process of filing for bankruptcy more complex, and the eligibility requirements slightly more stringent.  But bankruptcy is still a viable debt resolution option for the vast majority of those who need it.

So, What’s Changed?
Good question. The first major change, in short, is that there is more paperwork. Apart from the extra court documentation, people filing for bankruptcy must provide more documentation about their current financial status. You’ll need your last 2 tax returns, and the previous six months worth of pay stubs. If you’ve thrown those pay stubs away, don’t worry! Your employer should be able to print them off again for you.

Your attorney will advise you of any additional documents needed for your case. You’ll also be required to take a  brief credit counseling class before your bankruptcy an be filed. Your attorney will set up a session online or over the phone for you.

Eligibility requirements have gotten tougher too, particularly for people who are filing for their second or third bankruptcy. The requirements are complicated, and it’s best to get bankruptcy information from a bankruptcy attorney first to make sure you qualify. If you had hoped to file for Chapter 7 Bankruptcy you may have to file for Chapter 13 Bankruptcy instead.

Before all of your debts are discharged, you must take a brief financial management course, generally online or by phone. Your TBC attorney can direct you to the one that is most convenient for you.

Proactive Bankruptcy Law

Lawyers at TBC have been extraordinarily proactive in challenging unfair bankruptcy legislation and illegal debt collection practices in litigation. If you need to file for bankruptcy and you want an affordable, friendly, and proactive bankruptcy law firm, contact one of the attorneys at TBC today.

Don't wait until it may be too late to seek protection under the bankruptcy law. Schedule a FREE Consultation with one of our bankruptcy attorneys and learn how the bankruptcy law applies to your specific situation. Call TBC today at 618-236-7000 (Belleville, IL), 618-656-7941 (Granite City, IL).

Memberships & Associations


Belleville Location

The Bankruptcy Center
5312 West Main Street
Belleville, IL 62226
Tel: 618.236.7000

Granite City Location

The Bankruptcy Center
2021 Johnson Road, Suite 1
Granite City, IL 62040
Tel: 618.656.7941


The Law Office of Ronald A. Buch is a debt relief agency, helping people file for bankruptcy relief under the Bankruptcy Code.