Are you trying to file bankruptcy without a lawyer?
Jul 4, 2009 Bankruptcy
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If bankruptcy has been on your mind, then you are obviously in a serious financial mess. You’re struggling to pay your monthly bills because you have accumulated too much credit card debt due to uncontrolled spending. Or perhaps you have to pay back hospital bills because of an unexpected medical emergency. In any case, you’re in tough circumstances and probably feel that you could not take on any more bills at this point.
Why not declare bankruptcy without a lawyer in order to save yourself some money? Well, there are some good reasons not to go in this direction.
Going through bankruptcy by yourself may have been easier in the past. I’m not saying it was ever a great idea, but it may have been more feasible back then.
Things changed when Congress passed a bankruptcy reform law in the year 2005. The exact name of the law is long and complex, but what you really need to know is that the whole process has become more involved as a result.
This new law has made things more difficult because it adds additional requirements such as mandatory financial counseling and more rigorous documentation of your income and expenses.
Some have complained about the law, but for the time being this is what we’re stuck with. You should do your best to play by the rules and ask a lawyer for assistance.
The point is that the law is incredibly complex, and bankruptcy lawyers have to work hard just to keep up with it. They’re still waiting for courts to make sense of this new law, and no layperson could hope to keep up with these developments.
Trying to manage your own bankruptcy in order to save some money is not the way to go, especially after the new law that has taken effect. Bankruptcy is still a viable option for many people, but you have to get the right advice.
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Tags: Bankruptcy, credit, Finance, finances, Financial, money, Personal Bankruptcy
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