For those people who can afford to pay an attorney, there are many reasons to hire one to handle your bankruptcy case. One reason is because of the bankruptcy law changes in 2005 have created more confusion with the new forms and requirements. There is also a heightened search for bankruptcy abuse and or fraud by the part of the Chapter 7 Trustees and United States Trustees. Plus with the ever changing laws on foreclosures, there are potential helpful options available in bankruptcy which only an attorney can help you with.
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Prior to 2005, the usual Chapter 7 bankruptcy forms were relatively easy to figure out and use. Plus, there were no required pre and post bankruptcy courses. It was not required for the debtor to document his income. The court filing fee was at one time about $150, and then moved up to say $180. Now it is $299. Finally --- there was no limit for your allowed income as set forth by the Internal Revenue Service (IRS) and used by the bankruptcy court.
Since November 2005, when the Bankruptcy Abuse Prevention and Consumer Prevention Act (BAPCPA) came into effect, the required bankruptcy forms were changed and new forms were created. Two of the most often used forms that trip up debtors who try to complete the paperwork themselves is Schedule I and Form B22A (the Means Test). Both forms present what is called Current Monthly Income, but the way in which that income is derived is quite different.
Another reason to use an attorney in a Chapter 7 bankruptcy case is related to the documentation of your income. That is to say, an attorney is going to know what documents will suffice in court and how to redact certain information on those forms that are required by the bankruptcy code. Another reason has to do with required redaction in general. That is to say, there is certain personal family or financial information that has to be redacted prior to filing.
Many times a bankruptcy attorney will need to be called to assist debtors because of the concerns expressed by the bankruptcy trustees. Sometimes, the debtors will arise suspicions by not computing the income correctly, not listing their assets, and making strange claims. These cases can be saved by timely making the corrections and having the debtors explain themselves in another Meeting of Creditors.
When it comes to the current state of potential remedies for a debtor who is about to be foreclosed upon, filing a Chapter 7 bankruptcy might be a good option. All but one of the current foreclosure remedies available to California residents deal either with delaying the sheriff sale so that the debtor can come current with the monthly mortgage payments. Often there is a reduction to either the interest rate and or principal. But there is one thing that is never, ever talked about.
That secret the banks don't want you to know is that when foreclosing upon a home owner, the bank must actually, literally, already have in their possession the original grant deed. Without that original grant deed, they have no legal right to do the foreclosure process. This secret, as well as couple other nuances, is the essence of the civil lawsuits against the bank which demand that they produce the document.
Your bankruptcy attorney can handle this same type of lawsuit within your Chapter 7 bankruptcy. And perhaps he can even win which could have the effect of you owning your home free and clear.
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