The new bankruptcy law is in effect, and apparently word has gotten out about it. In the weeks prior to the new law taking effect, people filed for bankruptcy in record numbers. People who did are still working with attorneys who are trying to handle the load. But basically their debts will be wiped out for the most part. The same is not true for people who file now. If you file now, you have to go to credit counseling first. This part has gotten off to a rough start because the IRS is in the process of decertifying many of the credit counseling agencies in the country. Once people have gotten the voucher that they’ve gone to counseling, they must try to show that they deserve a “fresh start.” Most people will not qualify, however, and will have to enter into a five-year plan to pay back most of the money owed. All kinds of forms must be filled out in the process. Obviously, the objective is to deter people from filing for bankruptcy. Clark hopes people choose not to spend money they don’t have so they never have to face the idea of bankruptcy. Prevention is the best cure!