In the recent years, the bankruptcy law has seen many changes. The biggest change was when Congress enacted the 2005 bankruptcy code. Since then there has been numerous changes year-to-year. When looking for information on bankruptcy, it's important to check more than one website to check and see if information is even current. After making the decision to file, individuals should remember to be totally honest with everyone. If the person decides to hire a bankruptcy attorney, they must disclose all their unsecured debt, every asset, including their true value. If a filer isn't truthful, and the trustee finds out, the debtor will have serious problems. Depending on how flagrant the violation is the judge, in the least, will impose fines and possible jail time. That's why it's pertinent when filing bankruptcy to show the court complete honesty.
In a bankruptcy filing, anyone can file themselves if they want. Hiring a bankruptcy attorney is probably a better idea as the laws have changed dramatically. If you decide to try and go it alone, remember to be very thorough when filling out the bankruptcy forms. It's advisable to buy software that will help you learn how to file for bankruptcy. If you get through all the paperwork make sure that the petition is signed in all places necessary. If you don't qualify for the means test or have a lot of property you want to protect, you'll have to file a Chapter 13 bankruptcy. With the complexity of a Chapter 13 bankruptcy, a bankruptcy attorney will definitely be necessary.
When someone has a foreclosure pending, Chapter 13 can give a debtor a chance to catch up on payments that are in arrears. Immediately following the filing of a Chapter 13 bankruptcy the automatic stay is put in place, stopping all collection efforts against the debtors. Having an attorney help with a Chapter 13 can be an invaluable resource. The bankruptcy attorney will review their client's financial situation and give them advice on what would be the most beneficial financial moves for their future. With a Chapter 13 being very involved, the attorney and their staff will make sure that the I.'s are dotted and T.'s are crossed. They will make sure that your credit counseling courses are completed and sent in at the proper time. If everything isn't properly done the petition will be dismissed without prejudice. The creditors then can come after the debtors with a vengeance.
Deciding on hiring a bankruptcy attorney or trying to do it alone should be a well thought out decision. If you decide on the do-it-yourself route make sure you're very thorough learning the state exemption laws where you reside. If you don't think that you're confident with the filing of the petition, look for a bankruptcy attorney that will fit in your budget. The attorney route will be a little more expensive, but you should be able to sleep at night knowing that your bankruptcy was properly prepared. If you consider the legal expense of $1500, for a Chapter 7 and double that for a Chapter 13, to write off $25,000-$50,000 or more, it is really quite a value. When it comes to protecting your family's property and future it's very important to have your bankruptcy filed properly.
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