Bankruptcy Filings Are Sure To Rise
Bankruptcy filings will continue to rise due the current economic conditions.
Have you seen the price of gas lately? Have you gone to your local grocery store and checked out the prices for basic food items? Have you been out to eat in the past six months? If you are paying any attention at all, you will have noticed a significant increase.
Chapter 7 Audits Return
Debitor audits have returned to Chapter 7 bankruptcy cases.
Although it does not come with a great shock, debtor audits in Chapter 7 bankruptcy cases have returned. The U.S Trustee has commenced debtor audits as of May 12, 2008.
Isn’t the U.S. Trustee technically doing debtor audits when bringing 2004 Exam Subpoenas? Isn’t the U.S. Trustee already seeking tax documentation and proof of income through these 2004 Exam Subpoenas? Of course. However, they are not technically considered audits as mandated in Section 603(a) of Public Law 109-8, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
Why Should I File For Chapter 7 Bankruptcy?
The Chapter 7 bankruptcy is the most popular form of personal bankruptcy here in the US. Often times we have to resort to it because we have experienced an unplanned, sudden loss of a job, or a major injury. If you truly want to discharge all of your debts and have a fresh financial start then you must have bankruptcy liquidation under this chapter.
Hire A Bankruptcy Lawyer Before Filing For Bankruptcy
If you are considering filing for bankruptcy, you should first discuss all options available with a bankruptcy lawyer. There are many options to be explored before one files bankruptcy, and a bankruptcy lawyer can go over the pros and cons of every option before you file Chapter 7 or Chapter 13.
One option a bankruptcy lawyer can assist you with would be dealing with a payment plan that satisfies your creditors. A competent bankruptcy lawyer can work with your creditors to develop a plan that is affordable enough to meet any budget. This will also keep creditors from harassing you about missed or late payments.