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The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 brought sweeping changes to bankruptcy law. It is important to speak with a bankruptcy lawyer if you are considering filing because the law is complex and the rules are not flexible. This video explains the key changes of the 2005 reform act.

First, before you can file for bankruptcy, you must complete a government-approved credit counseling program. Second, there is now a means test in place to determine eligibility for Chapter 7 bankruptcy. Your monthly income must be less than the median monthly income in your state in order to satisfy this test. To learn the other changes, watch the full clip.