Over the last 10 years the world has entered into the Internet age. Everything is done online. Now, to be established you must have a presence on the World Wide Web. This is even true with bankruptcy. When filing bankruptcy, the first-place debtors go to get information is on the Internet. There is a wealth of information some of which is good, and also some that falls under the category of legends and myths. Still having this resource allows an individual to educate themselves enough to be able to ask the proper questions if they decide to go to a bankruptcy attorney for consultation.
The U.S. Bankruptcy Court has also followed suit having a wealth of information and all the forms to complete a bankruptcy petition are available for download. Technically, a person filing bankruptcy only needs a computer and a printer to download and print the bankruptcy petition then fill it out and submit it to the bankruptcy court. Even though this is possible it’s a little more complicated than that.
Since the changes to the bankruptcy code in 2005, filing bankruptcy has taken on a new complexity and should be done with the help of a bankruptcy attorney. Even if the debtor is filing Chapter 7 bankruptcy and feels they really have nothing to lose, there are landmines that could cause some problems. It’s even hard to figure out if the debtor qualifies to file Chapter 7 bankruptcy, let alone be able to complete the bankruptcy petition with no errors. This is where a bankruptcy attorney earns their keep. Even in a simple bankruptcy filing, the attorney will know what exemption laws to use and how to protect an individual’s pension and bank accounts if they have any money left.
Filing for bankruptcy has a lot of benefits for an individual that’s buried under a mountain of debt. Not facing up to the problem will only cause further pain in the long run. The first step to financial freedom is taking the time to consult a bankruptcy attorney and see if a bankruptcy filing is best for the debtor’s personal situation.