BANKRUPTCY IS STILL AN OPTION
A New Bankruptcy Law went into effect October 17, 2005 and changed many aspects of bankruptcy and how a lawyer can assist you. In spite of what you might hear on TV or read in the newspaper or hear from relatives or friends, you can still file bankruptcy. The new bankruptcy law makes it more complicated and a bit more costly but not impossible to file bankruptcy. With these changes however, it is now more important than ever for you to have a team of expert bankruptcy attorneys working for you. We are experts in bankruptcy and debt relief; it is all we do.
The major changes that could impact you most:
Mandatory Credit Counseling Briefing: You must receive an individual or group briefing from an approved nonprofit budget and credit counseling agency before filing for bankruptcy. Your case can be dismissed for failing to meet this new requirement. Make an appointment with our office and we provide on site briefing.
Mandatory Financial Management Course: Once your case has been filed, you must complete an approved financial management course to receive your bankruptcy discharge. If you are filing a chapter 7 case you must provide proof that you have completed this course within 45 days after the meeting of creditors. We will help you schedule the course.
Repeat Filers - Discharged Cases: If you have previously filed bankruptcy and your case was discharged or dismissed, new rules can limit your options. Boleman lawyers know the laws and often can help with this.
|Previous discharge in||Now wants to file a||Must wait|
|Chapter 7 Bankruptcy||Chapter 7 Bankruptcy||8 years|
|Chapter 13 Bankruptcy||Chapter 7 Bankruptcy||6 years*|
|Chapter 7 Bankruptcy||Chapter 13 Bankruptcy||4 years|
|Chapter 13 Bankruptcy||Chapter 13 Bankruptcy||2 years|
*Ask an attorney for a possible exception to this waiting period
Repeat Filers - Dismissed Cases: If your previous case was dismissed within the preceding year, then the automatic bankruptcy protection that prevent creditors taking actions against a debt or property securing the debt shall expire on the 30th day after filing the current case.
If you have two or more prior cases that dismissed within the preceding year, then there will be no automatic protection.
It may be possible to extend the automatic stay based on the facts of your case, the number of previously dismissed cases, and the filing dates of those cases. Schedule a free consultation with one of our expert bankruptcy lawyers to discuss how your previous dismissed cases may affect you now.
So, though there are some new limitations and new pitfalls you can still file bankruptcy. It is now more important than ever that you choose a law firm that specializes in bankruptcy.
Under the new law choosing the wrong lawyer could be disastrous for you. Get an expert.