Reply #1: Oh, you can file, BUT [View All]

[Systematic Chaos]

Chapter 7 will no longer be an option for individuals. Chapter 7 is the type of bankruptcy in which all debts are absolved (barring stuff such as student loans which can't be declared at all) and you get a fresh start after 7 years.

People will be limited to the kinds of bankruptcy which are really no more than a payoff plan based on what you make vs. your expenses. Really not a whole lot different from a debt consolidation, only in this case it's handled in the courts and not a non-profit organization.

In other words, you're almost better off saving the money for filing in extreme circumstances and telling your creditors to kiss your ass, and then job hop until they get sick of trying to track you down. :(