If you are considering filing for bankruptcy, it is essential to be up to date on the new laws for bankruptcy. The most significant law update occurred in late 2005 when a new abuse law went into practice. Yet, it is also important to note that bankruptcy laws can change on a state-by-state basis. These laws govern property that owners may keep and the types of debts that may be included in bankruptcy. These laws may change at any time and therefore it is critical for individuals to check out the most current laws prior to filing bankruptcy. This information is available through attorneys or through the state's online court websites. Filing bankruptcy, both personally and as a business, is the right of every American citizen, but there are limitations to how frequently this can occur.