A new bankruptcy law is going into effect this fall. It is much more complicated and much tougher on people trying to get out of debt. As a result, people are rushing to bankruptcy lawyers to file under Chapter 7. There are several different bankruptcies, but consumers usually use either Chapter 7 or Chapter 13. With Chapter 7, you set aside your debts. And under Chapter 13, you pay back your debts. Under the new law, you will no longer be able to file Chapter 7 by choice. You’ll have to go through several steps to be eligible to file, and then you’ll have prove you can’t pay back any debt. Most people will have to set up a payment plan to pay back the debt. And if you fail to make your debts, the whole thing falls through and you start all over. The whole idea is to make paying back debts so painful that they change their relationship with money and handling finances.