New Bankruptcy Law

The new bankruptcy law went into effect on October 17th.  It's my understanding that the personal bankruptcy filings just prior to the 17th here in Tulsa skyrocketed.  Folks are trying to get in under the wire before the terms of filing personal bankruptcy change dramatically.  I think these changes are long overdue.  Even though the law previous to the 17th would discourage people from buying extravagant items just prior to filing bankruptcy, many people with high incomes were abusing the bankruptcy law.  The new law is now actually looking at the individual's monthly income and running it through a "means" test in order to determine whether or not the person can file Chapter 7.