With a large number of Americans in financial trouble, it is no wonder that many are looking at bankruptcy as a way out. Contant Law, P.C.Bankruptcy Attorney has some nice tips on this. The next question to be addressed is Should I hire an attorney for bankruptcy or file on my own? The answer to that is that having an experienced bankruptcy attorney in your corner looking out for your best interests is certainly a wise decision. When it comes to attempting to collect on a debt, the creditors sure have a lot of weapons in their arsenal. Why not level the field of play and have a specialist help ensure a good filing for bankruptcy?
If a person has made the decision to file a bankruptcy, they should consult a bankruptcy attorney first to see if they are even eligible to file. There are new guidelines, requirements and restrictions that have been added following the changes to the bankruptcy code back in 2005. This entails incorporating a means test to see whether a debtor qualifies for bankruptcy under Chapter 7. This is where an experienced bankruptcy lawyer can use the median income laws of the state to compare it to the total monthly income of the debtor plus other factors such as family size and monthly expenditures. It is not as easy as it sounds to assess current monthly sales or CMI. Current monthly income is a highly artificial amount that can have tremendous consequences on whether the person will file a bankruptcy in Chapter 7, or if they make too much money, then they will be forced to file a bankruptcy in Chapter 13. It also determines the sum of money that, if they are forced into a Chapter 13 bankruptcy, the debtor would have to reimburse the creditors in the repayment plan.