MachiLaw.com Articles

Personal bankruptcy is an option when an individual has too much debt and cannot keep up with their financial obligations. The US Bankruptcy Code was amended in 2005 and added new requirements for those filing bankruptcy. As a result, many fewer Americans filed bankruptcy in 2006. However, the housing market bust, recession, credit crunch and other factors in personal finance are driving the rate of bankruptcy back up, despite the changes in the law.