As the world at the present scenario is under financial crisis, people are suffering from hardships and confusion that how would they pay all the payables and how would they survive.more and more of the population is going for bankruptcy which is leading to the massive failure of economy. As filing for bankruptcy has began to increase, the Government implemented New Bankruptcy Laws which have made filing bankruptcy harder so that people could find a better solution for getting debt relief in appropriate manners that is beneficial for both debtors and creditors.
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New Bankruptcy Laws have added certain conditions before filing for bankruptcy. The noticeable of all is the median test where you have to qualify for the level of filing bankruptcy. This test shows that if your overall income falls below the median income of people in state, you are eligible to apply for bankruptcy. This eligibility is checked by the court that how are you managing your expenditures of your family and how much amount is left which can help you to manage and pay the debts. These New Bankruptcy Laws have however made this strictness a part of their legal obligations so that genuine deserver for bankruptcy can be sorted out.
There are several negative impacts of bankruptcy that had made the Government to impose such restricted laws. First of all is one has to pay double amount of money to lawyers so that they can come up with filing and all those further legal works. Secondly, the credible history of the client gets drain and in future he doesn't get the option to ask for a loan at least for a period of 8-10 years. Here no money is saved not on the lender's side as well and this is all due to the stubborn decision of the lenders for not going through the negotiating channel.
The Government has given a chance to both lenders and borrowers to think and come up at the state of negotiating point where both mutually agree. Here, 50% of the debt should be paid which would be benefiting lender because they are getting something instead of nothing. Moreover, borrowers are able to pay the remaining money on a legal term in easy installments. Hence New Bankruptcy Laws have opened a path which is beneficial for both parties.
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