In 2005, Congress enacted a new law that altered the regulations. Even though bankruptcy remains a viable option for many Americans, the process has become more complicated and time-consuming.
The purpose of the new regulations is to ensure that those who file for bankruptcy are genuinely in need and not attempting to avoid paying their debts. Therefore, the bankruptcy court will examine your income and expenses in great detail to determine whether you truly deserve to have all of your debts discharged.
Even if you are ineligible to file Chapter 7, you can still declare Chapter 13, which allows you to establish a repayment plan over the following years. Your eligibility for Chapter 7, which typically discharges all or the majority of your debt, depends on the particulars of your financial situation.
Given how intricate the bankruptcy code has become, a lawyer is now an absolute necessity. Your attorney can also help you avoid common errors that people make when declaring bankruptcy, such as repaying loans to family and friends.
You likely understand why a lawyer is necessary for this procedure, but you may be concerned about how you will pay the attorney expenses given your financial situation. Considering that you are already insolvent, how can you pay additional bills?
First, bear in mind that you will hopefully be able to eliminate your current obligations through bankruptcy, making it more feasible to pay your attorney. As soon as your petition is filed, all of your obligations will be suspended and debt collectors must cease their efforts. This can provide you with much-needed breathing room to pay your attorneys as well.""
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