The new bankruptcy law went into effect on Monday, October 17, 2005. And the events of the previous weekend were object lessons in human behavior as it applies to financial matters.

There were reports throughout the country that people were standing in lines for blocks waiting to get into courthouses to file Chapter 7 bankruptcy, which means they can wipe out their debts and start over. Now most people will have to file Chapter 13, which means they will have to pay their debts over time.

The demand to file Chapter 7 before the deadline was so great that the courts had to hand out bakery numbers and vacant rooms were opened to accommodate debtors. There was a report that one man bought a first-class airline ticket to meet with his advisor to file Chapter 7 bankruptcy. Is there any doubt that the ticket was bought with a credit card?

According to Lindquist Consulting, there were more than 200,000 personal bankruptcy filings for the week ending October 15, easily a record high. That's almost triple the number of filings in the week -- also a record. Sadly, the debt situation in the U.S. is out of control.

Here are the key changes that come with the new bankruptcy law