You are drowned under piles of dues as a result of your luxurious lifestyle. During the booming economic period you were given the facility to use credit cards. Everything was fine for you till there was economic meltdown. You lost your job and also had to accept a trimmed salary. You were unable to repay the dues on time. You had no option but to file for bankruptcy.
Filing for bankruptcy has also become difficult because of new bankruptcy laws. These laws have made it extremely difficult for consumers to qualify for chapter 7 of bankruptcy. This chapter is considered to be very fast and easy for the consumers. Chapter 7 of bankruptcy entails your assets to be sold off and paid to your creditors. This will enable your dues to get cancelled and you can start afresh. Many consumers who file for this type of bankruptcy have no assets at all and hence the lenders will not get back their repayments.
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New bankruptcy laws incorporates chapter 13 which enables you to have a repayment plan for a period of five years. If some debts are not included in this plan then you are not required to repay them. The consumers who are having higher income will be allowed to pay through chapter 13 and not by taking help of chapter 7.
New bankruptcy laws allow a handful of defaulters to file under chapter 7 bankruptcy. This forces the borrowers to apply for chapter 13. This will prevent the debtors from abusing these laws. The laws also make it mandatory to go for debt counseling before applying for bankruptcy. You are also required to make budget plans and manage your dues before they are effectively eliminated. Counseling has to be taken prior to six months before filing bankruptcy. This will allow consumers to rethink about their decision of filing for bankruptcy. The court also feels that the consumers will benefit if by counseling the defaulters choose some other option to combat the repayment problems.
With the enactment of new laws filing for bankruptcy has become a complex procedure. You are required to appoint a bankruptcy lawyer to understand how it will help you to overcome your financial problem. Thus, new laws are good for the consumers because they are also beneficial.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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