Someone said that the only permanent thing in the world is change itself. For this reason, we do not expect anything to last forever as it is today. What more do we need to be told? With this fact on the table, isn't it true that we need to keep ourselves updated about the changing legislation, laws and regulations that govern our lives and our businesses?
Are you a business person who has had to file for bankruptcy before, simply because you had more debts than assets and you could not manage to pay your debtors? Do you still recall what the law required of you and what the different chapters of the same required of you? Well then, all that might be changing now.
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There are new bankruptcy laws that are now in use and you need to familiarize yourself with them, just in case you might find yourself in this sticky situation, or you might know someone who is going through the same. Just to mention a few of the changing rules, in the old law, if you filed under chapter 13, it was easy to determine for yourself what you would be paying to your creditors on a monthly basis but that will no longer be possible.
In the new bankruptcy law, the IRS will be involved in determining what you are worth per month after deductions of your basic needs of food, clothing and rent and the remaining amount will be divided in certain proportions to your creditors. Life will be a lot harder for debtors under this new law, but when the going gets tough, the tough get going.
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