Friday, September 5, 2008

Bankruptcy Attorneys Allowed to Advise Clients to Aquire New Debt Prior to Filing Bankruptcy


Reuters reported today that the U.S. Court of Appeals for the Eighth Circuit in St. Louis declared unconstitutional a section of the U.S. bankruptcy code that prohibits attorneys from advising their clients on taking on more debt prior to filing bankruptcy. The 2005 Bankruptcy Reform, made it illegal for a bankruptcy attorney to advise a client to refinance their home or buy a new vehicle prior to filing bankruptcy. Sometimes taking on more debt is a good thing, but prior to this ruling a bankruptcy attorney could not fully inform an individual seeking guidance and advice on filing bankruptcy.

http://www.reuters.com/article/marketsNews/idUSN0547717420080905


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