The problem with this point of view from today's NewsBlaze is that it is inaccurate:
In a nutshell, Chapter 7 filings will be almost impossible to get if you have a job. You will be required to pass a means test showing that your income is less than the median income for the state in which you live. Mandatory Chapter 13 repayment plans will require attorneys to double-check consumer income/debt information, which will exponentially increase attorney fees; and this, too, will require a means test that will allow creditors to collect, over five years (instead of three), as much as they would have received had you filed a Chapter 7 and gave back the assets. And the biggest kicker? The new law requires mandatory debt counseling, which means more agencies like AmeriDebt could pop up.
Not true.
People who work can still file for Chapter 7. People who earn more than the state's median income can - if they qualify - file Chapter 7.
Chapter 13 payment plans can be anywhere from 36 months to 60 months...depending on a number of different factors. They are not all 5 year payment plans. If you read something different elsewhere, you're not reading accurate information.
And finally, the debt/credit counseling requirement does not mean that consumers will be forced to submit to companies like AmeriDebt who bilked millions from unsuspecting consumers. Only US Trustee approved consumer credit counselors can be used prior to bankruptcy, and every bankruptcy attorney knows who they are.
You can read more about this requirement here
