What to know before you file for bankruptcy
Considering filing for a Chapter 7 personal bankruptcy anytime soon? Oh boy, do you have a surprise waiting! Of course if your debt overload parachute was pre 2005, you could do most of the paperwork yourself, pay the fee and file in a court near your home. Then make a token appearance with the bankruptcy judge who’ll ask you a couple questions, ask it any creditors want to talk (there never is), and be out the door with a smile on your way home, with a legally clean debt slate. However in 2013 you’ll need more than a parachute; legal advice and representation are required or your chances of success are slim and none; and slim has just left the building.
Your best shot at a successful Chapter 7 or Chapter 13 filing, requires a Milwaukee Bankruptcy attorney who knows the new rules, has expert experience, has seen the inside of a courtroom, and can handle your case from start to finish promptly and efficiently. So here are the three important changes in the bankruptcy laws that you’re facing that you know nothing about; but you attorney does. Peruse the items, get your paperwork in order, and make the call.
#1 – Know what your “median” income is before you move on to the next “high hurdle.” You can’t file a Chapter 7 without the facts.
#2 – The “Means Test” comes next. And per the U.S. Government changes in the bankruptcy laws you must meet certain eligibility requirements; most all are based on the “Means Test” which has to do with your monthly income and stuff.
#3 – Credit Counseling and Debt Education is your final exam. If you’re serious about filing a bankruptcy, what the courts really want to know is if you need to do it; ergo, two sessions of counseling will be necessary.
Look folks, we know that by this time you’re reaching for the “headache” bottle, but this is just the way the cookie crumbles. Sometimes you’re the bug; sometimes you’re the windshield. You’ll get through all this, but not alone; so think legal advice.