These requirements have been added to the Bankruptcy Code under the New Bankruptcy Law:

1. An individual must attend a credit counseling briefing within the 180-day period prior to filing for bankruptcy, Chapter 7, 11, or 13.  An individual business debtor must attend but not a corporation. 

2. The debtor must satisfy the "Means Test" requirements.

3. Prior to discharge, an individual debtor must complete a course in Financial Management. An individual business debtor must complete such a course but not a corporation.

4. A Chapter 7 may only obtain one Chapter 7 discharge every 8 years.

5. Prior bankruptcy filings now affect whether one obtains the benefits of the automatic stay:

     A. If the debtor files a Chapter 7, 11, or 13 case within a year of dismissal of a prior case, the automatic stay will terminate within 30 days of the filing of the new case unless either the debtor moves for continuation of the automatic stay and shows that the present case was filed in good faith or the prior case was filed under Chapter 7 and was dismissed because it did not meet the Means Test
, and the present case is not filed under Chapter 7.       

     B. If the debtor files a Chapter 7, 11, or 13 case within one year of the dismissal of more than one prior cases, the stay will not go into effect unless-- 

  • The prior cases were filed under Chapter 7 and were dismissed because they did not meet the Means Test, and the present case is not filed under Chapter 7, or  
  • The debtor moves for a continuation of the stay and demonstrates that the present case was filed in good faith with respect to the creditor sought to be stayed.  
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