Could someone please explain to me (in the simplest

[brianinotownfl]

way) how the new bankruptcy laws work?

[Wulfie]

Basically, Chapter 7 (personal) bankruptcy is like this:If you are rich, you can use it to protect all your assets. If you are poor, you are going to be forced to pay back all the money you borrowed, unless you can prove you have no way to do so.