It is provided in the US Law that bankruptcy has not been eliminated by the federal government. However, the successful filing to bankruptcy has become more difficult because of all of the new rules that were laid down in the Chapter 7 Bankruptcy law issued and taking effect in 2005.
Congress supposedly passed this law in order to prevent consumers from abusing the bankruptcy code and to ensure that American families are doing everything they can to prevent these financial problems from re-occurring in the future.
Is the new bankruptcy law good for consumers? Well, that depends on who you ask. The credit industry lobbied heavily in favor of this law, but many bankruptcy lawyers will tell you that this law doesn’t help families who are in need. Regardless of what you may think about the law, we are stuck with it at least for now.
Nevertheless, you should realize that most people who would have been eligible in previous years will probably still qualify for bankruptcy under the new law, but you need to be aware of certain changes.
Because of these complex changes with their various exceptions and stipulations, it is important to have a good bankruptcy lawyer by your side. Without a Chapter 7 bankruptcy lawyer, it would be too difficult for most people to understand the statutes and how they apply to individual circumstances.
Also keep in mind that bankruptcy rules very from state to state, especially when it comes to protecting your home from creditors. That’s why a bankruptcy lawyer who is familiar with the law in your state is critical. Not only that, but the lawyer can help you decide whether bankruptcy is your best option to begin with.
If you decide that bankruptcy is right for you, you shouldn’t despair. Simply use it as a tool to rebuild your financial future and learn from your previous mistakes.
Don’t let the fear of your debt take over your life. Get the facts about bankruptcy and learn how to get control of your debt. To learn more about Chapter 7 bankruptcy lawyers visit us at http://personalbankruptcyquestions.org