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A few of the recent modifications to the federal bankruptcy Code
include the following::
- Mandatory participation in credit counseling classes.
- Restrictions on permissible living expenses.
- Automatic dismissal if a prior case filed during the prior one
year.
- Court sanctions for 2 or filings during the preceding one year.
- Increases in the state residency requirement to claim state
exemptions - 6 months to 2 years.
- Purchases of luxury goods are presumed fraudulent if made within
90 days of filing - increased from 30 days.
- Increased repeat Chapter 7 filing prohibition from 6 years, to 8
years.
- Provision for mandatory 5 year Chapter 13 plan duration for high
income debtors.
- All tax returns for prior taxable years must be current.
- Automatic dismissal provision for the failure to file all required
tax returns.
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