New Bankruptcy Laws have made filing under bankruptcy easy. But still, the laws throw responsibility on the bankrupt individual to be fully prepared in all respects before filing under any bankruptcy chapter. A bankrupt individual should always keep his/her eyes open to know about any possible changes which have taken place or may directly affect the success for him/her bankruptcy application.
Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) -2005
The act was put in practice in the year 2005, as the result of which many new restrictions and pre requisites were added to the filing the bankruptcy application. Filing for any bankruptcy became all the more challenging. Under the BAPCPA act, any bankrupt individual who files for particular bankruptcy in the court of law without any legal representation will have high possibilities of their petition completely rejected and dismissed by the designated court. Therefore, when filing for any bankruptcy, it becomes very important that all applications should be processed by experienced attorney. This will not only save the time, but also increase the chances that petition will be accepted in the bankruptcy court. To begin with actual bankruptcy filing, the debtor should decide with the help of attorney as to which chapter will improve his/her financial condition. At present, the federal laws have six bankruptcy chapters namely, Chapter 7, 9, 11, 12, 13 and 15.
Humble Bankruptcy Lawyer, Chapter 7 Bankruptcy, Find A Bankruptcy Attorney,
Avail relaxation under the federal law, if your financial condition is in despicable condition. Most of the bankrupt individuals are confused on whether they should file for chapter 7, or chapter 11, or chapter 13 bankruptcy. It is because such bankrupt individuals are least aware of the bankruptcy law and various chapters contained under the law. The very indecision emanates form the fact that most of bankrupt individuals do not invest quality time to know the criteria under which they can qualify for bankruptcy and under which chapter. Most of the times, bankrupt individuals are ready to file their bankruptcy without even going for a through consultation process by hiring any attorney. Lack of information leads to indecision, and ultimately, it is this indecision which makes financial condition of the bankrupt individual bad to worse. You have to always keep in your mind that you are bankrupt and have to come out of financially crumbled state anyhow.
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