A few years back Congress decided to take appropriate measures against the increase in bankruptcy filings, making it more difficult for companies and private individuals to file for bankruptcy. The aim of bankruptcy is to help all people with financial difficulties, who have lost control of there debts, come to terms with their financial problems. By filing for bankruptcy, these companies or private individuals have a chance to turn over a new leaf.
Unfortunately in the past years everyone has been taking advantage of bankruptcy laws, in order to avoid paying any sort of debt and getting out of their financial obligations. This excess has led Congress to issue stricter laws ruling bankruptcy, in order to protect the creditors who often suffer from this system, which seems to work to the advantage of debtors. Therefore new laws have been established in order to force debtors to meet with their financial obligations and prevent them from using the law to avoid paying.
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Although bankruptcy laws have become more stringent, in most cases the law will still allow a discharge for all dischargeable debts, if the only option is bankruptcy. The obligations the law is imposing are now harder to meet, thus may stall people from choosing to file for bankruptcy. As in the cases of Chapters 7 and 13, any aid provided by the law once your bankruptcy is filed, may be more demanding than actual debt pay off, resulting in a financial predicament.
Unfortunately the indiscriminate use of creditors who exploited bankruptcy as a means of leaving their debts unsolved, has led to stricter rules and harder debt relief options. There are now additional requirements, should you decide to file for bankruptcy and you should study these carefully before deciding. In many cases the advice of a bankruptcy attorney can help you decide on the proper bankruptcy option or other alternative for the payment of your debts.
Whichever the case, if you choose to go for bankruptcy, you will have to go through counseling services before you can file for bankruptcy. This counseling should also provide you with other options other than bankruptcy. These new laws are a problem for debtors and bankruptcy attorneys, who have to gather more information in order to be liable for bankruptcy filing. Other financial requirements are also needed, this is why an attorney specialized in bankruptcy is the only possible option, for you to comprehend in detail, the requirements when filing for bankruptcy. If you do not follow the procedures accurately, your also risk paying penalties, something you really want to avoid, especially if you already have debts to pay off.
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