Declaring bankruptcy is on the rise due to the present financial situation, but it is no longer as simple a matter as it once was. Whereas at one time there was only one type of bankruptcy to consider, and judges were very generous in dismissing debts under its rules, there are now two different ways to declare bankruptcy under U.S. Federal law.
Since each type of bankruptcy is very different from the other, a competent and experienced bankruptcy attorney is necessary in order that a debtor is able to file properly and have a chance to start anew. There are also tax issues to consider as a result of declaring bankruptcy. Bankruptcy attorneys either provide their clients with the necessary tax counseling themselves or they can arrange for assistance from experienced colleagues in the fields of tax law and accounting for competent professional tax advice related to bankruptcy filings.
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Chapter 7 bankruptcy, in which all debts are discharged, is now only available to applicants who can prove that they do not have sufficient income to pay back any of their unsecured debts. This may be difficult to prove without the assistance of a trained bankruptcy attorney, who will represent the applicant in court and provide clear evidence when he can prove that Chapter 7 is indeed the correct choice.
In the event Chapter 13 bankruptcy, which calls for arrangements to repay a portion of the debt, is the proper path for an applicant, a competent bankruptcy attorney will make sure that the judge approves a plan that allows the applicant a chance to rebuild and to have the means necessary for a proper and healthy life while making the necessary payments to reduce and discharge his debt.
Trying to file without a bankruptcy attorney can lead to a judge ruling that Chapter 7 bankruptcy is not permissible in a case where an attorney could have legally and ethically put forth a compelling case for this type of bankruptcy relief. It could also lead to a stifling Chapter 13 agreement in which the debtor is left without sufficient funds to even cover his basic needs. Such an agreement could force the debtor to default under his agreement and face serious consequences only because he is unable to provide for himself and his family under the agreement that he accepted because of his unfamiliarity with the law and lack of legal counsel.
Bankruptcy is a serious and complex matter, and a trained, experienced and reputable bankruptcy attorney will make sure a debtor is able to start afresh.
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