Wanna know if you can file for bankruptcy?
Here are some facts that may interest you: Americans have never before been so deep in debt as they are now. Bankruptcy lawyers are claiming that they are seeing an increase in the number of people who want to file for bankruptcy. But they also state that the law is too strict and many people are finding it difficult to file. And this is the most interesting fact that was revealed recently — that the number of filings has dropped to 20-year lows.
Confused with this medley of information which doesn’t seem to gel together? Don’t worry, I too was until I learnt another bit of news, one bit that seems like it could complete the jigsaw puzzle. It seems that though it’s been nearly a year since laws were passed making it harder to declare bankruptcy, there’s still confusion over who can file.
Bankruptcy lawyers say some bill collectors may be inadvertently telling debtors if they missed October’s deadline under the old laws - then it’s too late to file - which is incorrect. Seems to me like the collectors would rather have you confused so they can get their money. And believe me, I’m not too far from the truth on this one. According to authorities, some bill collectors are misleading people on purpose to pressure them to pay what is owed.
Even though there are new stricter requirements to file bankruptcy such as mandatory credit counseling - most debtors will still qualify for debt relief. So, if you are in dire financial straits, don’t believe everything your bill collector tells you. It’s best to crosscheck with a bankruptcy lawyer and then take corrective action.