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Bankruptcy credit counseling has become compulsory with enactment of new bankruptcy laws in 2005. It is compulsory to submit the certificate availed on the completion of credit counseling in your petition file. And the credit agencies have to be approved by the Trustee who is appointed by the U.S. bankruptcy court.

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New bankruptcy laws are in effect from October 17, 2005. The major change in law is that bankruptcy credit counseling is now made compulsory. According the new bankruptcy act it is mandatory for the debtor to complete the counseling course within 180 days before filing for bankruptcy petition.

This new requirement of credit counseling according the law can be satisfied by online bankruptcy credit counseling, phone credit counseling, individually or in group credit counseling from court approved counseling agencies. The bankruptcy counselors have to be approved by U.S trustee office. Any one from non-profit budget counselor, credit agency or any international course offering personal finance management courses are approved if they meet the criteria set forth by new law. This makes it necessary for debtors to have proper personal bankruptcy information.

Many times because debtors are unaware of this change in law, they face delay in their bankruptcy filing. You can avail telephonic credit counseling in order to finish off your counseling session early if you are on hurry to file bankruptcy because of some deadlines approaching. Telephonic counseling takes one hour maximum. The maximum charges for credit counseling is somewhere around $50. Once debtor completes the credit counseling session he is awarded a certificate of completion which he has to submit in his bankruptcy file. It is compulsory to present the certificate of credit counseling in order to qualify for bankruptcy.

It has become more difficult to file for bankruptcy compared to earlier times with enactment of new bankruptcy laws. According the new law credit card companies and high power lobbyists can make it difficult for debtor to get rid off credit card debt completely. Thus filing chapter 7 bankruptcy is no longer that easy.

Before that bankruptcy filing was simple and hence many people used to file bankruptcy individually without help of any attorney. But with new laws it has become very difficult to file for bankruptcy individually leading you into more trouble if you make some mistake in submitting the documents and hence it is recommended to hire the services of bankruptcy lawyer. You can search for bankruptcy attorneys who are licensed to work in your state. Go for no obligatory counseling session with selected attorneys first in person or on phone. Visit at least 4 to 5 such attorneys and hire the one whom you found to be the most reliable one. Attorney will provide you with the bankruptcy legal advice studying your financial situation and will guide you further regarding the bankruptcy filing. This way you could reduce the rigors of the entire process and make it less stressful for you.

Get Free No-Obligation bankruptcy counseling for your case

You can avail more chapter 11 bankruptcy information by visiting online service providers like LoansStore.

With a proper personal bankruptcy advice you could erase off all your credit debts and become completely debt free within the shortest possible time. This could allow you to restart your financial life once again. Here is some crucial information on how bankruptcy filing could serve as your best stimulus package in addressing your credit woes.

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One of the quickest ways to become debt-free is to file for bankruptcy with expert personal bankruptcy advice. This enables debtors to secure a sort of stimulus package through bankruptcy filing especially if they have been marred by excessive high interest credit card debts that have become hard to manage and pay back. It is known that personal bankruptcies can grant discharge for all the debts. Typically, by filing chapter 7 bankruptcies, you could erase off your credit card dues and at the same time secure some money for living expenses or some basic life necessities. Additionally, a personal bankruptcy could even protect you from your multiple creditors and stop all harassments caused by them or their recovery agents.

By securing Personal bankruptcy information enables you could be in a much better position to understand what all debts could qualify for a total discharge Most of the unsecured debts accrue from credit cards or medical bills. Nevertheless, some other debts like student loans may not get discharged unless the debtor is faced with a severe financial hardship. In any case, to obtain a discharge for student loan finances, you could need the services of a lawyer as you would be required to file a motion in the bankruptcy court for providing evidence for financial hardships and the resulting situation which renders you totally unable to repay those debts in future. Thus, a complete homework is absolutely necessary.

Besides, you could also feel the need for help provided by a personal bankruptcy attorney in order to understand the other eligibility requirements. This is because as per new bankruptcy laws, only those debtors, who find themselves in huge unmanageable debts, are eligible for chapter 7 bankruptcies. If a particular debtor has a high monthly or annual income, he may not qualify for chapter 7 as the Means Test comes into picture. And this could be a complicated proposition if you attempt to do it on your own as it involves lot of complex calculations to be performed. Individuals with higher incomes, who fail the Means Test, could be pushed into filing chapter 13 bankruptcy and repay their creditors.

The chapter 13 repayment plan is usually spread over a period of 3 to 5 years during which secured debts are repaid first. As the plan nears its end and any unsecured debts remain, they could get discharged. However, under chapter 13 bankruptcy, debtors are allowed to retain their homes or any other property assets unlike chapter 7 wherein all the non-exempted assets would get liquidated for repaying the creditors. That is one of the most important benefits which chapter 13 offers. Thus, by choosing the right option for your specific financial situation, you could secure for yourself the economic stimulus package that you need.

Get Free No-Obligation bankruptcy counseling for your case

To get a free evaluation in order to file bankruptcy online, it is hereby recommended to utilize the professional services offered by trusted online service providers like BankruptcyOnly.

This is the common sense, that the individual who is going to file for the Bankruptcy has the heavy burden of debt. The person fling bankruptcy is running the shortage of money and in such a situation it becomes difficult to spend huge amount of money to file for Bankruptcy. Obviously, at the time of filing bankruptcy the individuals have to opt for the cheap or free Bankruptcy services. Actually according to me there should be a rule to make 100% free Bankruptcy filing process. However, practically it is not possible.

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Most of the people in USA either file Chapter 7 Bankruptcy or file Chapter 13 Bankruptcy. These both bankruptcies are the types of Personal Bankruptcy. To file Bankruptcy, you have to hire the Bankruptcy attorney however, if any individual is opting for the non-lawyer Bankruptcy petition there is an option of absolutely free bankruptcy filing. But, then no one can assure the success and 100% solution of Debt and Bankruptcy related problems.

The best option to get the most affordable Bankruptcy services is filing Bankruptcy Online. By adopting the online bankruptcy filing option you can get the various additional and low cost Bankruptcy Services such as free Bankruptcy Counseling, free Application form and free of cost 24/7 customer support. All these features will reduce the cost of filing Bankruptcy. There are many companies providing online Bankruptcy services. Such companies assure the guaranteed solutions of your Bankruptcy related problem while charging the nominal charges over the legal services. Such companies first of all let you apply on their websites free of cost, will evaluate your case and then provide the free Bankruptcy Counseling. Such companies can understand the poor financial condition of the person filing for Bankruptcy.

What is the Cost of Filing Bankruptcy Online?

The cost of filing bankruptcy will vary depending on the type of process an individual opt for. For an instant, if, an individual is opting to file Chapter 7 Bankruptcy or Chapter 13 bankruptcy then it will cost you around $200. Depending upon the cruciality of the case the charges may get higher at every stage. Let suppose if, you are filing for the more complicated Bankruptcy case then, this will be advisable to get more expertise for which you will definitely have to pay high fees. By paying a bit higher amount of money you can ensure the successful completion of Bankruptcy petition filing.

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Even, the bankruptcy lawyers themselves file Bankruptcies online because it is more convenient and hassle free process. Filing Bankruptcy online will save time and energy of both the Debtor and the attorney. So, if you are under the stress of filing for bankruptcy then just get the Bankruptcy Counseling offered free of cost and get the guaranteed solution of all your Bankruptcy related problems.

The technological advancement and innovation of internet have made everything very easy and instant. The same is the case with the bankruptcy services. Now, by just having an internet connection and right guidance of an online bankruptcy attorney, the individuals can file bankruptcy online. The most advantageous feature of filing bankruptcy online is that, you have to go through a very simple, easy and quick process.

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Ways to File Bankruptcy

There are many ways to file bankruptcy under any Law it may be Chapter 7 Bankruptcy, Chapter 11 Bankruptcy, Chapter 13 or Chapter 15 Bankruptcy. The first way is personal filing. Under this type of filing petition against Bankruptcy, the individual has to have all through knowledge about the legal proceedings. The second way is to hire one of the expert Bankruptcy Lawyers. The third and last option that remains is filing Bankruptcy online. There are many Bankruptcy filing services available online. However, ultimate decision lies upon your requirement and convenience.

What is the process to file Bankruptcy Online?

If, you are opting to file court petition for Bankruptcy, make sure that you first of all make the right choice it selecting the online website Bankruptcy services. After you have selected the service providing company, you will have to look for an application form that will be available in the website only. This online form will be free. Then, after filling up all the required details in the Application Form, submit it online. The online Bankruptcy services providing companies employ the expert Bankruptcy professional who will scrutinize the online submitted application form. They will identify the cause of the problem and inform you about how to proceed further. For e.g. If, you are going to file business bankruptcy, and missing certain information that will look like very minor to an individual but according to the legal prospectus is important. In such case the attorney will suggest the correction. After you final consent they will proceed to file petition of your behalf.

Advantages of Filing Bankruptcy Online

The Online Bankruptcy Filing will not only save time and energy but there are various other advantages of filing Bankruptcy online. Some of these advantages are given below:

• You can prevent the Foreclosures.
• Re-establish your positive credit rating.
• Construct fresh Financial Status.
• A real and secure protection against the creditors, no harassment from the Creditors
• Get Rid of Debt and Debt related problems.
• Eliminate the financial stress and worries.
• Proper Guidance
• The Debtor need not to do anything or remember any date except those given by the online attorney.

Get Free No-Obligation bankruptcy counseling for your case

The online Bankruptcy services are designed in a way that you can easily access then and ask for the instant relief out of the Bankruptcy related problems. However, before you come to any conclusion make sure have basic knowledge about the Bankruptcy Laws.

The number of debtors, who have opted for filing chapter 7 bankruptcy, has been steadily increasing over the past few years. Both individuals as well as small business owners seem to be facing tough times because of the ongoing phase of economic downturn. Nevertheless, in order to file for bankruptcy successfully, bankruptcy filers need to have proper personal or small business bankruptcy information.

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Debtors could qualify for a discharge of debts by filing chapter 7 bankruptcy. Typically, chapter 7 is also known as liquidation or straight bankruptcy and it is designed to provide legal protection to such debtors that have been faced enormous financial problems. However, to qualify for chapter 7 bankruptcy, you could be required to pass the Means Test as per new bankruptcy laws, where debtors are tested for determining their eligibility for securing debt relief under chapter 7. And if you fail to pass the Means Test, you would automatically be eligible for a chapter 13 bankruptcy which involves a monthly repayment plan for repaying a portion of debts back to your creditors.

In any case, it could be important for a debtor to have chapter 7 bankruptcy information if he primarily intends to get his debts discharged through the chapter 7 process. This is because if the bankruptcy court discovers during the case that you had engaged yourself in fraudulent practices, your chapter 7 petition may be rejected. Furthermore, some other debts like back taxes, student education loans, child support payments, debts caused by death of a family member, etc. may still qualify for a discharge in a chapter 7 bankruptcy. Although debts accruing from death of other person or personal injuries suffered on account of drunken driving or drug overdose may not be eligible for a discharge.

As per the United States federal bankruptcy laws, a debtor could be discharged for several debts through chapter 7. These include personal loans, credit cards, medical bills, etc. usually, under the typical chapter 7 bankruptcy process, a bankruptcy filer loses the right to retain all non-exempt property assets. Nevertheless, there could be few debtors that may file for discharge of excessive debts with chapter 7 bankruptcy filing and at the same time consider alternative option for some debts that do not qualify for a discharge with such conditions.

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Alternatively, there is the chapter 13 individual bankruptcy option which involves a favorable monthly repayment plan that is spread over 3 to 5 years. Apart from that farmers could consider chapter 12 bankruptcy and big business owners could file for bankruptcy under chapter 1. Besides, chapter 9 bankruptcy applies to municipalities or government bodies and chapter 15 is meant for bankruptcies involving properties in more than one country. In any case for individuals and small business owners chapter 7 and 13 could be the most viable options.

Everyone cannot file for chapter 13 bankruptcy. In chapter 13 debtors repays all his debts at low interest or zero interest, as per the negotiations on repayment plan in court between debtor and his creditors. There are certain rules you should meet with in order to get approved for chapter 13 bankruptcy. Get Free No-Obligation Bankruptcy Counseling Online…!

Chapter 13 bankruptcy is also known as reorganization bankruptcy. When someone files for chapter 13, means an individual is ready to repay the loan but at better terms like lower or zero interest rate. Chapter 13 bankruptcy is for those individuals who has regular income and are capable to repaying the debts. In chapter 13 there is negotiation for the repayment plan between you and your creditors in presence of bankruptcy attorney. And you have to pay regular amount as decided every month to the bankruptcy trustee who will distribute it among your creditors. You can extend your loan term for 3 – 5 years to repay you debts. The repayment amount is determined by the mean test of your income.

If you fail to make these monthly payments as pre-decided in court your creditors are eligible for filing bankruptcy petition in court for your bankruptcy dismissal. Usually when debtors fail to repay the debts according the chapter 13 bankruptcy laws, bankruptcy attorney can allow you to file chapter 7 bankruptcy or can dismiss your petition.

If your chapter 13 bankruptcy petition is dismissed then you lose all kind of protection from court and your creditors can take any action on you for collection of their money and may even lead to foreclosure. This situation is usually faced by individuals who files for bankruptcy in order to avoid foreclosure.

You can file for personal bankruptcy without legal assistance like many debtors, but this is not recommended. There are many new bankruptcy laws recently introduced like “BAPCPA”. It is very difficult to understand these laws and their implication procedure. It is strongly recommended to hire a bankruptcy attorney who is licensed to work in your state. It is better to consult at least 3 bankruptcy lawyers and if possible more than 3 lawyers before filing for chapter 13. Lawyer will guide you regarding the chapter 13 bankruptcy requirements you need to fulfill to qualify for.

Requirements to qualify under chapter 13 bankruptcy laws are:

1. Before filing you have to take compulsory credit counseling class and have to attach the certificate obtained on completion with your bankruptcy petition.
2. You have to prove your regular monthly income in order to show capability for the repayment of monthly installments.
3. You have to pay filing fees of approximately $274
4. You cannot apply for chapter 13 if your secured debts exceed $1,010,650 and unsecured debts exceed $336,900.

Check Your Elibibility to Qualify for Chapter 13 Bankruptcy

It is vital for debtor to know that he is supposed to pay large amount of the disposable income in repayment of debt. And you cannot apply for any new loans unless approved by court. Before applying for bankruptcy you should know what all consequences you are going to face after the bankruptcy. You can know more about new bankruptcy laws recently introduced by visiting online service provider LoanStore.

There could be valid reasons for which debtors, who intend to file bankruptcy online, need to take advantage of legal advice provided by a competent bankruptcy lawyer who is thoroughly well versed with the chapter 7 or chapter 13 bankruptcy eligibility requirements and process. Here is some crucial information pertaining to the same which you may find useful.

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If you are considering filing chapter 7 bankruptcy, it could be important for you to get proper legal advice offered by a chapter 7 or chapter 13 attorney. While many debtors could be unwilling to pay fees to a chapter 7 or 13 lawyer, it could be one of the most important investments which you could ever make. This is because a professionally qualified and highly experienced bankruptcy attorney could be of immense help in preparing bankruptcy petition as per chapter 7 rules and regulations or even other laws that apply to your specific bankruptcy case. Nevertheless, if you are not in a position to afford the services of a chapter 7 or chapter 13 bankruptcy lawyer for filing a personal bankruptcy under chapter 7, you could explore another option. These days you could also find an attorney who could help you to prepare a bankruptcy petition which is to be under chapter 7 laws online.

However, although by securing bankruptcy legal advice online, you could embark upon the process of filing chapter 7, the actual paperwork has to be filed at the designated bankruptcy court in your local area. And this has to be as per guidelines laid down by the bankruptcy laws in action. Therefore, you need to follow a couple of steps when filing for protection online under chapter 7 or 13 laws. These are mentioned below.

1. Download all the requisite forms which are required to be filed while filing for protection through either chapter 7 or chapter 13 bankruptcy. These are available on the U.S. Government website.
2. Contact a chapter 7 or 13 attorney who would assist you to fill out the forms correctly. There may be some debtors might not prefer to seek expert advice. Such bankruptcy filers could use online calculation tools for filling out bankruptcy petition provided by various companies that are available online. At the same time they could even get free advice from reliable as well as reputable bankruptcy lawyers from these firms on chapter 7 or 13 eligibility guidelines and process requirements.

To get free bankruptcy advice online, it is hereby recommended to utilize the professional services offered by reputed online service providers like LoansStore.

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Because of introduction of new bankruptcy laws now it has become very difficult to file for bankruptcy without help of bankruptcy lawyers. You can file for a low cost bankruptcy by following few simple tips provided by competent bankruptcy lawyers that are available online. Know what they are!

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It is very vital to get low cost personal bankruptcy because debtor is already facing very bad financial situation and needs to cut cost on everything possible, so as to regain financial stability. There are few tips which have been suggested by bankruptcy experts about how to avail low cost bankruptcy.

You can definitely file for your bankruptcy yourself. There is approximately twenty pages form which you have to fill completely with utmost accuracy. Filing bankruptcy will affect your credit score for very long period of time, including your financial and legal consequences. Also many new bankruptcy laws have been introduced in 2005 and it is very difficult to understand their implication. Mostly everyone prefers to hire an attorney for bankruptcy.

Let’s know few tips that can help us to find low cost bankruptcy solution:

Make it very clear that there are few expenses you have to face while filing bankruptcy and there is no other watt o escape from. But you can lower this amount by negotiations. There are few operating cost associated which you should be aware about before filing bankruptcy.

1. You have to undergo credit counseling session, which is made compulsory under the bankruptcy law. Because court wants to educate you about finance and explain reasons for your present financial circumstances so that you can stay away from financial crisis in future.
2. There is some amount you have to pay in order to file for bankruptcy known as filing fees. That will be something around $ 274 to $ 299.
3. Fees for your attorney. The amount you pay to your attorney for fighting your case in court is the best way to save a lot on your bankruptcy filing. Get to know the good bankruptcy lawyers registered to work in your state call them and visit their office to negotiate the fees which you can afford to pay him/her.
4. You can find some really good options for bankruptcy on internet. You can visit legal bankruptcy sites and know the procedure to fill up the forms and other legal expenses associated with detail explanation and guidance regarding he process. Websites also educates you about the financial circumstances and few disadvantages you might be facing after bankruptcy.
5. It is very important for you to find the right lawyer. You can fill out a free evaluation form online; this will help you to find the best and the most affordable bankruptcy lawyer. Visit different lawyers to get the evaluation done and discuss with them about low cost bankruptcy and analyze the different options suggested by different lawyers. You have to apply for “no obligation to hire” when you go for first evaluation and discussion with lawyer. Once you finalize the lawyer you can give him charge of all your financial documents and other requirement as by bankruptcy laws.

Get Free No-Obligation bankruptcy counseling for your case

You can avail advice of highly qualified and experienced bankruptcy attorneys and other guidance regarding the bankruptcy by visiting the website of online service providers like LoansStore.

Many debtors could be wondering if it is possible to get tax debts discharged by filing bankruptcy. Remember, as the deadline for filing income tax returns is approaching and if you are already faced with back tax debts, the situation could be trying. Nevertheless, let us find out if you could file for bankruptcy and get your tax dues discharged.

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Under US federally bankruptcy laws getting a federal tax debt discharged could be a totally complicated affair. While it is possible to get a discharge for income tax debts by filing chapter 7 or 13 bankruptcies, there could be certain specific terms and conditions which debtors are needed to satisfy. Here is some crucial information regarding the requirements which tax defaulters need to adhere to for getting their tax dues discharged through bankruptcy.

1. One of the conditions is that the income tax return should have been filed at least 2 years ago, the due date for filing which has to be not less than 3 years earlier. But debtors can consider filing bankruptcy only if the income tax returns in question were not a part of any fraud. Besides, the assessments of taxes have to be at least 240 days old and the taxpayer should not have been guilty of tax evasion.
2. When out to file for bankruptcy under chapter 7 or chapter 13, debtor needs to prove that he has submitted properly filled income tax returns for the past 4 years to the IRS. This could be an important condition and furthermore, the petitioner is also required to furnish a copy of the latest income tax return to the bankruptcy court or to the IRS if it so demands.

Considering the aforesaid complexities, tax debtors need to have proper personal bankruptcy information since interepreting the chapter 7 or 13 requirements could be a totally. That is where the need for engaging the expert services of a competent bankruptcy lawyer, who is well versed with the eligibility and procedural requirements, arises. An attorney could guide you through the entire process much better and even enable you to understand the complex set of rules and regulations.

Therefore, if you have got unmanageable back tax debts, the first thing that you need to do is take advantage of a free evaluation provided by a professionally qualified and highly experienced bankruptcy lawyer. This could help you to analyze the seriousness of your present financial situation as well as assist you to know if your tax dues could actually qualify for a discharge through chapter 7 or chapter 13 bankruptcies.

Get Free No-Obligation bankruptcy counseling for your case

To get more valuable information about the filing bankruptcy process and determine whether your tax debts are eligible for a bankruptcy discharge and, it is hereby recommended to utilize the professional services offered by reputed online service providers like BankruptcyOnly.

Filing for bankruptcy is in itself a major decision for any individual as it involves calculating pros and cons of different bankruptcy laws, identifying which petition to file, sticking by the terms and conditions mentioned under each chapter of bankruptcy etc.

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Chapter 7 Bankruptcy: If an individual decides to file for chapter 7 bankruptcy then passing the means test and then bankruptcy counseling is the ladder to getting qualified for filing bankruptcy. Chapter 11 bankruptcy: Filing for chapter 11 bankruptcy is usually done by corporates or owners of commercial enterprises or business. Chapter 11 bankruptcy enables business enterprise owners to restructure their business debts, keep their assets and reorganize their business under court supervision. Chapter 13 bankruptcy: Chapter 13 bankruptcy is filed when a debtor decides to repay his debt from his income across a period of time such as three to five years. While filing chapter 13 bankruptcy, an individual should review all the advantages and disadvantages associated with the petition and any other chapter 13 bankruptcy information which will enable the debtor to stop foreclosure of his property or rejection of his petition.

Bankruptcy Services Online:

Nowadays bankruptcy services online assist debtors, individual as well as business, in filing chapter 11 bankruptcy or chapter 7 bankruptcy. Filing bankruptcy services online helps an individual to submit all his details to the online bankruptcy service provider who handles the rest of the case on your behalf right from filling forms, to filing the petition, providing the right information about updated bankruptcy laws or any other changes. One should be very careful while selecting the online service provider because a company with expert professionals handling both personal and small business bankruptcies will be capable of managing your case effortlessly and without any discrepancy. Bankruptcy services online help debtors in more ways than one as apart from making ones life hassle free it also helps in expediting the online filing and submission process.

Recent Statistics on Bankruptcy:

Cases of filing bankruptcy have risen since the new bankruptcy laws were introduced by the Obama administration. As compared to fiscal year 2009 the cases of total bankruptcy filings in 2010 were 13.79% higher than the previous year, a significant jump in the figure. Non- business filings in the year 2010 increased by around 14.4% from the non-business bankruptcy filings in 2009 whereas business filings went down by around 0.7% in 2010. These statistics were released as per the Administrative Office of the US Courts.

As per recent research findings, more job losses might occur leading to vast amount of unemployment. This will be counted as the major reason behind people filing for bankruptcy, other reasons being smaller paychecks, reduced credit, lesser savings etc.

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Filing chapter 7 or chapter 13 bankruptcy is not only prevalent amongst the working professionals only, but it has also penetrated to the richer segment of society including celebrities. With the introduction of the Bankruptcy Abuse Prevention and Consumer Protection Act in October 2006, several methods such as means test, bankruptcy counseling has been introduced to decrease the number of people filing for bankruptcy. The best method to file for bankruptcy is through bankruptcy services online through an attorney or legal professionals.