The President has signed the new bankruptcy bill but many of the major provisions won't take effect until October of 2005.
The new bankruptcy laws make it far more difficult to file under Chapter 7. There will be a new two-part test to determine whether or not you can file. The test examines your income in comparison to median incomes from your state and also looks at your ability to pay off your debts.
From my research the time to file is now. Under the old rule, the rule until October, the court determines whether or not you can file for Chapter 7.
From the Forum Administrator: For more information about Chapter 7 Bankruptcy, see the LegalMatch Law Library article entitled Chapter 7 Bankruptcy