Why you need a lawyer’s help when it comes to bankruptcy
Are you thinking about trying to declare bankruptcy by yourself? Well, you may want to reconsider this idea. That’s because the process can be much more complicated than you may have expected depending on your exact circumstances. I don’t blame you for trying to go it alone in order to save yourself some cash.
Since you’re thinking about declaring personal bankruptcy, by definition you don’t have a big budget to hire expensive lawyers. Does that mean that you should forget about the lawyer and do everything by yourself?
Trying to declare bankruptcy on your own is not a good idea especially with the changes in the bankruptcy law that have taken effect since 2005. There are more obstacles put in your place, and there are more restrictions and details that you have to be aware of. Why not let your lawyer deal with these issues?
The means test is probably the most significant change in the bankruptcy law. Its entire goal is to try and make sure that you really need bankruptcy based on your current salary and debt load.
Those with a higher income than the average salary for their state will have to go through some extra steps in order to prove their need for bankruptcy.
You will have to prove that you are unable to pay by showing all your financial documents that describe your income and expenses. There are many technical details involved, and this is why you definitely need a lawyer by your side guiding you through the process.
You may hear from friends or family members that they successfully managed to declare personal bankruptcy without a lawyer. However, chances are that they went through the process a while back. Keep in mind that things have gotten much tougher since 2005 when Congress passed the bankruptcy reform act.
Don’t take chances with such a big decision for your financial future and the security of your family. Speak to a good bankruptcy lawyer to help you make the right decision regarding bankruptcy and to guide you through the entire process.
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