You may have heard there is a new bankruptcy law on the horizon. It will end how bankruptcy works as we know it. For instance, you’ll have to attend credit counseling if you want to file. That has never existed before. Also, if your income is higher than the median for your state, you’ll be required to pay back a portion of the debts you owe. So, depending on how much income you have, the rest of your money will go toward your creditors. Bankruptcy has been kind of a lark in recent years, but it’s about to get much more serious. For example, people will have to make 60 consecutive on time payments. Do you really want to be under a court ordered payment plan for five years? It’s up to you to handle debt because the consequences are going to be much tougher come October 2005.