So here’s the question before the house of common sense: “Is there life after bankruptcy?” Well prior to the year 2005 declaring and bailing out of debts via bankruptcy was like a walk in the park on a sunny day with your best friend. It was so easy any person with half a brain and enough money to pay the court fees could fill out the paperwork, attend a 20 minute hearing and in less that a month be singing: “Happy days are here again.” Then the “Feds” changed the rules of the game and that walk in the park became more like a struggle just to get to first base. And a new deck of Tarot Cards and a crystal ball were not going to help you.
Today bankruptcy is no longer a DIY (do it yourself) project. In 2013 and beyond you’ll need a new and experienced starting quarterback to take charge like the bankruptcy lawyers team in New Orleans. They know what the inside of a courtroom looks like and are well versed in the nuance and confusion of the new federal bankruptcy requirements for Chapter 7 and Chapter 13 filings.
Over past decades there have been many myths about that mystical, scary thing called bankruptcy; it has a bad reputation. However it’s not nearly as frightening once you know the truth and the things you need to do that are easily provided by your team of bankruptcy lawyers. As you read this article many people who are constantly struggling to control their debt may be looking down the path labeled Chapter 7 in order to cancel debts and get a fresh start in life; and that’s a good thing.
Several of the new “mine fields” the government changes have put in place involve what is called a “means test” for eligibility, credit counseling and debtor education programs. Their reasoning being that prior to October of 2005 before the changes were made, filing for a Chapter 7 and receiving your “get-out-of-debt” certificate was a simple process. Once the U.S. government discovered the conundrum they drew a “line-in-the-sand”, put on the brakes and a new set of rules and regulations were born in terms of filing requirements and procedures to follow.
However with help and guidance from your experienced team of legal bankruptcy lawyers the path to getting your life back on track can get started. One way you can help is to follow their advice and start looking in your personal paperwork at home for proof that you meet the eligibility requirements; most of which will have to do with your past and present income status. Your law team will also inform you that for a Chapter 7 or Chapter 13 filing, you will be required to complete a credit counseling program as well as a debt management counseling session before you’ll be allowed to enter the bankruptcy process.
Yes all this rhetoric seems like “overkill” and perhaps it is, but it’s the only way you’ll be able to “clear-the-decks” of all those nagging credit card debts and get back to living again. And don’t sweat the aftermath either. You’ll be able to get credit again and you won’t lose everything you have; home included.