In a few months there will be changes made to bankruptcy law that will make bankruptcy hard to obtain. There will be more emphasis on making payment plans with your creditors. This new bankruptcy law will take effect on October 17th 2005. The major intent of bankruptcy reform is to require people, who can afford to make some payments toward their debts, to make these payments, while still giving them the right to have the rest of their debt erased. These people will have to file Chapter 7.