In 2005, new credit card bankruptcy laws were passed. The laws affected consumers in numerous ways.

Here are a few ways to navigating this difficult process to ensure you don't get ripped off-and eventually get your finances back on track.

Increased Fees

The new law makes it harder for debtors to show they can clear their debts. It is called the Fresh Start law for Chapter 7 bankruptcy.

If you were to file bankruptcy, you can expect to pay higher fees. Lawyers, especially a chapter 7 bankruptcy attorney, are overcharging consumers now.

The rates were expected to increase to 100%, which accounts for the increased liability imposed upon consumers from the new law-which can drastically elevate the cost of bankruptcy. Consumers can also be prepared to spend more time filing documents.

Hold on to Your Assets

Some changes got into effect, which involves Chapter 7/13. If you file for credit card bankruptcy, your assets are handed over to your creditors.

This is the fresh start solution. If you file Chapter 13 then you can expect to adhere to a repayment plan for 5 years. The law has made it difficult for people to file Chapter 7, hence most people are forced to file Chapter 13.

Because of these new laws, creditors recovered a billion dollars. These fresh start laws have made it difficult for anyone to file bankruptcy-whether of the credit card version or some offshoot like medical bankruptcy.

You need to attend meetings, go to counseling, and participate in other activities before the judge may even consider your case. As a result, it makes more sense to find other alternatives to bankruptcy. Ok, but what about credit card bankruptcy?

Credit card bankruptcy falls under the same structure as the fresh start law. If you file bankruptcy, likely you will have to spend a great deal of time in court, surrender your assets if you are able to file Chapter 7, or else spend the next 5 years paying off your debt.

What You Are Able To Do

Because creditors gained billions of dollars consequently, services are available to give you other options over bankruptcy. Under the credit card bailout solution, consumers can reduce up to 60 percent of their financial debt. They don't have to worry about credit checks, possessing a home, etc, which gives the debtors an alternative to personal bankruptcy.

Some services require that you have a job and have at least $10k in unsecured debts to apply. It is worth taking the time online to research all your options, even if you go independent with something similar to a do it yourself bankruptcy, in order to bring financial sanity back to your life.

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