Many people are currently under the impression that bankruptcy is no longer an option for them because of recent changes to the bankruptcy law. While there have been changes made in recent years, bankruptcy is still a viable option that you should consider with your attorney. While it isn't for everyone, bankruptcy might be the best option for you depending on your circumstances.
In 2005, Congress passed a law which reformed the bankruptcy code. The law is pretty complex, even for attorneys, and many have criticized it for making things tougher on consumers. Nevertheless, the credit industry was successful in convincing Congress to pass the law.
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However, this doesn't mean that you can no longer declare bankruptcy. There are some additional hurdles to go through, but it probably is still an option for you. The main provision of the new bankruptcy law has to do with something called the means test. Basically, you have to prove that you really are not able to pay for your debts with your current income.
If your annual income is lower than the median income for your state, then you don't even have to worry about this so called bankruptcy means test. That's because if your income is very low, it's not hard to believe you when you say that you're broke. If your income is higher than the median, you will have to go through a more rigorous process to prove that you need to declare bankruptcy.
This will involve documenting your income and your expenses carefully. You absolutely have to document all of your creditors carefully, or you can have some difficulty later on if your case is reviewed and found to have errors.
It can seem like a painful process, but that's what your lawyer is there to help you with. Trying to declare bankruptcy without a lawyer would be pretty silly in my view. This new bankruptcy law in particular is quite complex, so you'll need the best bankruptcy lawyer that you can afford. That is, you need someone who has kept up to date on these latest developments, especially when you consider that there are court rulings coming out over time that will shed new light on this law.
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