For the past seven years, the U.S. Congress has tried to change the bankruptcy laws to make it more difficult for individuals to erase their debts. Typically, that is a Chapter 7 bankruptcy when your debts disappear and you start over. But Congress is very close to passing a bankruptcy law that involves a “means” test. This means that if your income is at or above the average for your area, you will not be permitted to file a regular bankruptcy. Instead, you’ll have to work out a plan with your creditors. It’s almost sure to pass both houses, and there will be a new day involving debt. Consumer debt has surpassed $2 trillion collectively, and about one in every 70 families files for bankruptcy each year. For years it was a life-changing event that caused someone to file bankruptcy. Medical bills, divorce or other life changing circumstances often trigger financial crisis. But, more and more, it’s just debt that we can’t seem to escape. People buy too much, get lost in bills, which causes interest rates to go up. And the black hole seems impossible to crawl out of. Many consumers are paying between 20 and 35 percent interest on credit cards, so it’s hard to keep your head above water. Do not impulse buy! You can easily slip into debt, and filing for bankruptcy won’t be an easy way out anymore.