As can be expected in a downward trending economy, more and more people are choosing to voluntarily file for bankruptcy. To assist the people in this situation, this article was created to explain some of the aspects of bankruptcy.
Bankruptcy is when someone is unable to repay their debts for whatever reason. This debt can either be considered unsecured (medical bills that you are unable to repay) or secured debt (you still own the automobile). As this process is extremely complex and not very easily understood, you will be required to retain the services of an attorney. Because of the way our legal system is designed, you can not file for bankruptcy without an attorney.
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One of the interesting things about bankruptcy is the fact that you can be involuntarily forced to declare bankruptcy. That's right; a debt collector can take you to court to collect on outstanding debt. It is important to know that there are two chapters of bankruptcy. The first, Chapter 7, means that you will have to totally liquidate all of your holdings. The second, Chapter 13, means that you will have to submit to a repayment plan.
It is very important to stress this again. You must use a lawyer in the bankruptcy proceedings. Even though this will cost you more money, bankruptcy law is entirely too complex to proceed alone. Before the bankruptcy law was changed, your lawyer would only perform a few administrative tasks. But now, your attorney must actually certify to the judge that all of the forms are accurate (which required due diligence of his or her behalf).
As a result of the law change, the cost of filing for bankruptcy has increased. While a lawyer now gets paid more than before, in all actuality, the lawyer is now performing much more work while accepting a larger chunk of responsibility. As this legal proceeding is very complex and emotionally draining, we highly recommend you contact an attorney sooner versus later.
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