Have you ever found yourself in a situation where your credit cards are maxed out and no matter how much you pay on your monthly bills creditors are still harassing you? As a result, you have even considered bankruptcy a few times, but you just do not want to deal with the consequences of what a bankruptcy will do to you and your family. However, at this point, if it means that you can get your sanity and freedom back, you are going to seek the services of a bankruptcy attorney. But you might want to think about this some more if you want to file for Chapter 7.
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New Laws
Does this situation sound like yours? After many months and sometimes years of having to make payment arrangements with creditors, experiencing harassing phone calls early in the mornings, on Saturdays and even Sundays, many people just choose to give up and finally file for bankruptcy. However, people need to understand that the laws for filing Chapter 7 have changed. You will no longer have the privileges under the new law as with the old law. Now, there are numerous rules that are set in place to ensure that everyone on both sides are honest about the amount of money that is declared during bankruptcy.
Correct Claims
The new rules require that the filer declares all unsecured debts and assets. Now, depending on the state, there are still exempt assets such as your house and cars, but they are limited in scope. Unfortunately, if it is determined that if a filer is trying to defraud the system, they can suffer steep fines and even serve some jail time.
Professional Legal Services
So, it would be in the filer's best interest to make sure that everything is declared correctly so that they are not harshly penalized. It is also unfortunate that since the filing process is so detailed, it will now cost more in the end to file the paperwork. If you hire a bankruptcy attorney to file these papers for you, the cost of their services will be very steep. Sure, you have the option of filing these papers on your own, but you also increase the risk of missing something during the process, which would mean financial penalties or jail time.
The smart thing to do would be to let a bankruptcy attorney file the correct paperwork for you. The bottom line is that filing for bankruptcy is not as easy as it used to be. It is not as easy to dupe the system and the process costs are much more expensive. Using a bankruptcy attorney is the way to go if you do not want to risk any penalties.
In conclusion, the average person should consider all options before taking this step. There are the advantages in that your debt would be erased and you would no longer receive harassing phone calls. However, the disadvantages are that you will have bad credit for a minimum of 10 years. In addition, once those years are finished, it might still be difficult to get credit on your own. Maybe you could attempt to speak with a credit counselor who might be able to show you how to pay down your debt before you actually file for Chapter 7 bankruptcy. You might want to even consider looking into debt consolidation. Only you can make the final decision, but make sure you look at both sides of the coin before you seek the services of a bankruptcy attorney.
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