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Federal Bankruptcy Law – Discharged From Legal Obligation

January 11th, 2021

Bankruptcy laws provide to debtors in various ways and help them to start a fresh for their financial career. The American state has various bankruptcy laws like the Ohio bankruptcy laws, the Michigan bankruptcy laws etc. the bankruptcy laws of the United states of America is under the federal jurisdiction and under the constitution of united states the article 1 section 8. But its implementation is states decision and can be interpreted accordingly. The relevant points of the federal bankruptcy law are recorded under the bankruptcy code.

The federal bankruptcy laws consist of various clauses and chapters like chapter 7, chapter 11, chapter 12, chapter 13, and chapter 15. This chapter accounts various cases of bankruptcies depending upon the size of the debt and its type.

Depending on debts the person files for bankruptcy. Chapter 7 includes the most common form of bankruptcy that of liquidation. Chapter 9 includes those cases of municipal bankruptcy. Chapter 13 includes business debtors and persons with huge amount of debts. Chapter 12 provides relief to families of fishermen and farmers. Chapter 15 includes various international cases of debts and other ancillaries.

A person can declare himself as a bankrupt under various circumstances. Situations can be that of firm liquidation, credit card burden, major financial set backs etc. but before filling for bankruptcy a person may consider its ill effect like he will have to pay more tax, his insurance will go up and financial institution will see him as high risk asset.

But bankruptcy also does one to get rid of debts and make fresh start for his financial career.

Like all laws, federal bankruptcy laws are also subjection of change with change in scenario. The bankruptcy law changes are subjected to meet the rising number bankruptcy cases in America. Congress has made changes to the law keeping in mind that Americans are more debt ridden than they were ever before in the history. The new bankruptcy law has made it more difficult for debtors to get stay orders. Its now more costly and complicated for debtors to file for bankruptcy and to obtain stay orders. Debtors are subjected with lot of uncertainty under the new set of federal bankruptcy laws.

The basic objective and perception of the law has changed from the fact its new consider the debtor plea abusive until and unless the debtors proves it otherwise. But bankruptcy does help the debtors too.

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Poor Credit Rating? Get The Bad Credit Loans You Deserve

December 15th, 2020

Your credit rating no longer has to stand in the way of getting the loan you need. With many lenders offering bad credit loans you now can get the financial assistance you need. Whether your loan is for something personal, for a vehicle, or any other reason, you can get approved now.

Many people thing personal loans for people with bad credit simply are not possible, but they are. With these loans you don’t need to worry about whether you have bankruptcy on your credit, a few bad debts, or just a low credit score. The lenders that offer bad credit loans will help you get approved, as long as you have the income to support the loan you apply for. These types of loans will come in both unsecured and secured types. Whether you get a loan against a paid off car or you get a loan without any collateral is up to you.

What You Must Know About Bad Credit Loans

Some situations can cause bad credit and they are completely out of your control. Maybe a medical emergency caused you to pile up debt, or something else happened you couldn’t do much about. Whatever it was that caused your credit rating to be affected, you can get a poor credit without any issue. You can use the money for a vacation, a new car, to deal with emergency issues, or anything else you need. Many lenders will now help you with whatever type of loan you need. This is the best part about the way things work now. You can get as much money as you need without worrying about your credit rating at all.

With the economy going through an overhaul, then entire lending industry changed almost overnight. Before, if your credit rating was not all that good finding a loan was impossible. This made it very hard for the people with bad credit to find a personal loan or any other type of loan that might be the right one for your needs. In addition, many lenders were allowing loans they should not have allowed and this could have caused your credit rating to drop. Now, you can take advantage bad credit loans from a number of different lenders working with bad credit. The point is, the lending industry has changed quite a bit and this can help those with bad credit. Now, you can get a personal loan with poor credit even if your credit isn’t perfect. This takes a large amount of pressure off of you and you don’t have to worry nearly as much about keeping a perfect credit rating. Things happen and lenders understand this. They don’t all use the old conventional lending rules for approving new loans.

Getting one of the many personal loans with bad credit can certainly help you and is a great option when you need financial help. You might be able to use this type of loan to consolidate other debts and get a lower payment or just for an emergency situation that requires you to come up with a little extra cash. This can all be done with less hassle and you can find a lender right online. However, if you take the time to deal with your poor credit first, you can get a loan with a much lower interest rate than if you just use the poor credit you have when you apply. You may also be able to use your new loan to help free up money in your budget, if you consolidate other debts.

Even with the ability to get a bad credit loan, you need to consider a few things first. Although you can get a personal loan for those with bad credit very easily, you need to consider whether you need the money or not. If you take out a loan that you cannot afford it will only make your credit worse. You need to make sure the loan will be used for good and will help you. If you don’t, you will only go further into debt, find yourself wishing you never took out the loan, and struggling with even worse credit.

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Understanding the Complexities of Bankruptcy Law

December 6th, 2020

Bankruptcy law is perpetually evolving although the majority of of its rules and regulations are mostly not impacted by this constant stream of changes. Did you know that many states actually have their own individual bankruptcy laws in place? These laws assist to decipher the methods people file for bankruptcy, but if this is in conflict with the federal law then federal law takes priority. What this means to you is that you will not have any advantage if you file for bankruptcy in another state than the state in which you normally reside. In fact, most states do not permit you to file in a state other than the one you reside in.

Let’s take a good look at the current bankruptcy laws. The law consists of three main areas within which business and individuals are grouped. The Chapter 13 bankruptcy law is applicable to individuals with restricted resources with which to settle their existing debts and it would take them about three to five years to settle these debts.

Chapter 7 is a more extreme bankruptcy law. Under this law, the person needs to clear debts that would not be possible to pay off otherwise. This is much more serious than Chapter 13 as the process requires the individual’s assets to be liquidated in order to settle the existing financial obligations.

Nevertheless, the current bankruptcy laws require, despite the varied Chapters you can utilize to file for bankruptcy, that a number of financial obligations must be met and can’t be discharged when you file for bankruptcy. If your financial obligations fall under this heading then you would get little benefit by filing for bankruptcy as the current laws are going to make bankruptcy less of a possible option in helping you with your debts.

You must also look at the types of debt that you have, as there are particular types of debt that cannot be discharged via any chapter.

However, it’s a good idea to research as much as you can on the particulars of the current bankruptcy law so that you can learn how to put these laws to good use and to your advantage. However, this is frequently tougher than it seems and the bulk of consumers who file for bankruptcy will find the journey a long row to hoe.

Consequently, it probably makes a lot more sense to look for the help of a professional who is experienced and qualified in the area of bankruptcy law. This would normally be in the form of a bankruptcy attorney who specializes in this area and who will assist you in plotting the most appropriate course of action to fit your situation.

The fact is that filing for bankruptcy is a very drastic decision and it must only be considered after you have studied all other alternatives for paying or clearing your existing financial obligations.

You may also wish to consider using financial assistance from debt consolidation companies or receiving guidance from a debt specialist than automatically opting for bankruptcy. If these options have been researched to no avail then you must relinquish the reins to somebody who understands the complexities and consequences of filing for bankruptcy and the laws that govern the process.

Find Out How Federal Bankruptcy Law Can Help You Out

November 23rd, 2020

Bankruptcies are a legal systems of shielding electorate from dire finance circumstances. Present federal bankruptcy law helps ensure that voters of the country can employ a legal plan to beat their money issues and do something to handle non-payable liabilities whenever their situation gets beyond control. However, it pays to understand that regardless of the existing federal bankruptcy laws that bankruptcy isn’t an answer to each financial problem and it’s also not a simple means to recover money stability.

Stricter Laws

What’s more, ever since the year 2005, the laws became tougher and so, today an individual that plans on using the federal bankruptcy law to file for bankruptcy will face much more issues than people did when filing for bankruptcy before 2005. In case you are certain that you want to take seek shelter underneath existing federal bankruptcy laws then you need to file for bankruptcy in a bankruptcy court.

Remember, that present laws also require that you file in a bankruptcy court and not in the state court. What’s more, there are loads more than 90 different districts which are ruled by federal bankruptcy laws and each of these districts has their own bankruptcy courts.

If you are not aware of existing federal bankruptcy laws then you need to find out more and for this you need to check the Bankruptcy Code. In addition, you want to also discern which particular kind of bankruptcy to file for and each type is specified as a Chapter and there some very well known Chapters including Chapter 7 and Chapters eleven and thirteen.

There are separate bankruptcy laws per people and firms. The federal bankruptcy laws take under consideration the applicant’s non-public standing and as long as the applicant guarantees doing the bureaucracy properly there’s good reason to assume the laws will protect them and supply them with relief.

The existing federal bankruptcy laws allow for the debts to be wiped out completely or the applicant can pay back the debts through process of liquidation or even according to a court settled payment plan.

As there are separate chapters that deal with business bankruptcies and individual bankruptcies it pays to find out more about business bankruptcy laws if you are a small business that is planning to file for bankruptcy. Typically, this means that you should understand Chapter 11 bankruptcy that deals with businesses that want protection from financial woes.

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Recent Changes to Bankruptcy Laws

November 5th, 2020

Bankruptcy laws continue to change and adapt to the times. As more and more people look to bankruptcy for help with their debt issues, they realize that the laws have changed.

It can be difficult to keep track of bankruptcy laws. We aim to help those who need to file for bankruptcy to complete the proposal that they need to get a successful settlement.

If you are someone who is thinking about Georgia bankruptcy, you need to understand as much as you can about the entire process. The more you know about bankruptcy in general, and how the laws have changed, the better off you will be.

How Bankruptcy Works

Bankruptcy requires you to file a large amount of paperwork, and submit a large amount of information. This highlights the importance of hiring a professional to help you with your bankruptcy filing process. With the process becoming more complicated than ever, you need a professional to help guide you through the process.

Things that have Changed

There have been sweeping changes to Georgia bankruptcy laws over the last 10 years. The newest bankruptcy laws went into effect in 2005. One of the biggest changes in the laws has begun to require more information than before. For example, filers must now show 4 years of tax returns, as to the original numbers of 2-3 years of tax returns.

The new laws have also made it more difficult for people to file for Chapter 7 bankruptcy. This is the bankruptcy that liquidates debt. These laws passed as a way to help stop bankruptcy fraud, keeping people accountable for the debts that they have accumulated.

Most of the changes that have been made to the bankruptcy laws are only seen in the behind the scenes work done by the lawyers that write up proposals. The new laws cover everything from the information required to the way that your property will be valued.

What you have to Gain

It is true that recent changes to Georgia bankruptcy laws have made it more difficult for many to file for bankruptcy. While it may cost a little more to hire a lawyer to take care of your proposal, it may be your only chance at success. Lawyers know exactly how to create the proposal that you need to get back on your feet, and can help you to navigate all of these new laws.

As bankruptcy laws change, more and more people lose out on the benefits they may receive from filing for bankruptcy. Some stay away from the process because of pride, while other stay away because they simply fail to understand what they have to gain, thinking it’s somehow not for them. If you are considering bankruptcy, take the time to speak to a professional. We aim to make the entire process as pain free as possible. We want to make it simple and easy for you to get the bankruptcy settlement that you need to get back on your feet and get your life in order once again.

Understanding Bankruptcy Laws In Ohio

October 21st, 2020

The purpose of bankruptcy laws in Ohio is to give people in financial crisis a chance for a new financial beginning. Each state has its own laws that govern bankruptcy that apply to their respective residents, even though Federal Courts handle Bankruptcy. These laws are based on the federal statutory law as contained in Title 11 of the United States Code. However, Ohio bankruptcy cases follow the bankruptcy laws of that state and not the federal bankruptcy laws.

Two federal bankruptcy courts in Ohio determine cases on bankruptcy following the Ohio state bankruptcy laws. The two courts are the Ohio Southern Bankruptcy Court and the Ohio Northern Bankruptcy Court. The person filing for bankruptcy can download the relevant forms from the internet or get them directly from a provider of such forms. Personal bankruptcy can be filed as either a Chapter 7 or Chapter 13 bankruptcy.

Under the current bankruptcy laws in Ohio, there are some properties that are exempted from creditors. You should actually check with an attorney to find out the actual current exemptions and how they will apply to you. These vary based on which chapter you file, your current income, assets and other considerations.

The creditors are also restrained from accessing wild card and personal properties of $400 in value together with all education and pension plans. Health aid, money paid for alimony and child support, property of a partnership business, retirement benefits, ERISA-qualified benefits, death benefits for police and firefighters, benefits from group life insurance, seal and office registers are also protected from creditors. As you can see, this can get confusing.

According to the bankruptcy laws in Ohio that came into effect April 20, 2005 the value of the home that is exempted reduces by the disposition of any non-exempt property during the ten year period prior to the application of the bankruptcy. Other exemptions recognized in the federal laws can be used alongside the Ohio state bankruptcy laws.

Where a person is not a permanent resident in Ohio or such a person has lived in many states in the last five years, the law of state in which such a person lived the longest will become applicable. Bankruptcy laws are not easy to be understood by those who are not trained as lawyers. Therefore hiring a lawyer may be good to help you understand the laws properly.

When making claims on property held jointly, bankruptcy laws in Ohio will allow the spouse to make equal claims on the property jointly held reducing the amount the creditors are likely to liquidate. Even though you owe other people money, the laws do not allow them to take away and liquidate the assets that support your livelihood. Many people fail to apply for bankruptcy because they do not know how well the law protects them.

Filing for bankruptcy is not intended to drive people into more debt. It is intended to give them a chance to redeem themselves financially. It best advised to get a lawyer who is experienced in Ohio bankruptcy laws, or at least get a consolation with one to review your situation, to guide you in this sensitive matter. When done properly, bankruptcy can allow you a fresh start by removing the overwhelming burden of debts and the freedom to start over and move ahead.

Ohio Bankruptcy Laws

October 13th, 2020

Bankruptcy laws are designed to give debtors a fresh financial start. Ohio, like most other states, has its own bankruptcy laws. Ohio bankruptcy laws are specifically designed for Ohio citizens. The law primarily includes the federal statutory law contained in Title 11 of the United States Code. However, bankruptcy cases in Ohio follow the state’s bankruptcy laws, not federal bankruptcy laws.

The two courts in Ohio engaged in bankruptcy cases are federal bankruptcy courts that follow Ohio law. They are Ohio Northern Bankruptcy Court and Ohio Southern Bankruptcy Court. Ohio bankruptcy law forms can be downloaded or accessed directly from a form provider. The form to be selected depends on whether the debtor files a Chapter 7 bankruptcy or a Chapter 13 bankruptcy.

Exemptions based on Ohio bankruptcy laws help protect exempted properties from creditors. Properties exempted by Ohio bankruptcy laws include a residence up to $5,000, one automobile of up to $1,000, cash up to $400, a cooking range and refrigerator totaling up to $600, personal injury awards up to $5,000, death benefits up to $5,000, household goods and furniture for $1,500, jewelry up to $3,500, tools of trade up to $750, wild card and personal properties up to $400, as well as all pension and education plans. Ohio bankruptcy laws also allow exemptions on health aids, alimony and child support aids, property of business partnerships, ERISA-qualified benefits, retirement benefits, firefighters’ and police officers’ death benefits, group life insurance policy benefits, and seal and office registers.

The new Ohio bankruptcy law that took effect April 20, 2005, states that the value of the state homestead exemption is reduced by any addition to the value by disposition of non-exempt property during the ten years prior to the bankruptcy filing. Federal supplemental exemptions can be used in conjunction with Ohio exemptions. If one is not a permanent citizen of Ohio or has changed states frequently in the course of the past five years, one does not follow Ohio bankruptcy laws. Instead, the law of the state where one spent most of these years becomes operational.

Bankruptcy Laws You Must Know

September 24th, 2020

Bankruptcy laws are state specific but definitely not without federal reference. Of late, they are tightened to raise minimum credit card debt payments, as a first step. Personal bankruptcy laws have certain requirements for the debtor too, as most of these are taken from federal laws, title 11 of the United States Code. However, the primary goal of the bankruptcy laws is to provide debtors an opportunity to start afresh.

All major changes to bankruptcy laws are in place already. So what can you expect? They are specifically targeted at preventing abuse of it; and try to limit the homestead exemptions. Most of the changes are technical and procedural in nature making them tougher. The new changes are reflections of law makers’ concern to a country with millions in debt beyond their ability to payback.

From the perspective of an ordinary citizen, bankruptcy laws can be taken as part of a safety net enjoyed in America. Because, they ultimately provide you relief from debts and save you from sliding further into crisis. If you, the debtor, are honest, take it for granted that the new bankruptcy laws are intended to provide you with a fresh start to get free from old obligations and debts. But simultaneously, if you are out to take advantage of the changed bankruptcy laws, you will be eliminated ruthlessly. What point this drives home is that- bankruptcy certainly helps you out of financial mess but it simply is not charity. They are in place to provide you and your business an opportunity to pull-up your socks and discharge the debt before getting a fresh start.

What is chapter 7 bankruptcy? Most of it deals with consumer bankruptcy, concentrating on the liquidation process under the federal bankruptcy laws. So what is this Chapter 7 Bankruptcy? Chapter 7 cases are no asset involved cases, and debts are eliminated without a need for repayment. But the new changes to bankruptcy law don’t let debtors file Chapter 7 bankruptcy easily making it harder to qualify for Chapter 7 debt relief. You are required to meet what is known as ‘means test’ to provide for qualification under federal bankruptcy laws. On the other side, some commentators feel that Chapter 7 ruins credit card companies.

There is a second type of bankruptcy filed by most consumers -Chapter 13. With chapter 13, there is a common myth that it discharges and eliminates all debts. However protection under the Chapter 13 bankruptcy laws is immediate. Bankruptcy attorneys that deal with chapter 13 and chapter 7 opine that these are specific consumer bankruptcy laws and that chapter 13 is the most popular bankruptcy law. The reason is chapter 13 helps you to clear off debts systematically.

While some of the new clauses in bankruptcy laws are good, not all can be so effective. They are rather are confusing. There are a number of other things within the federal bankruptcy laws which need to be taken care off in respect of their complex nature. It is observed that bankruptcy laws are misused as protective shields to prevent creditors, in some cases to eliminate them altogether.

Of course, there is a growing feeling that the changed bankruptcy laws are complex to file and you need to be advised by an experienced bankruptcy lawyer. However the principle behind the amendments is encouraging risk-taking by reducing the fear of negative impact of failure. The bankruptcy laws are made complex to avoid easier elimination of your debt in a bankruptcy and make you payback anyway. The bottom line: bankruptcy laws provide new dimension to the approach of business people to obligations after a failure.

Solve Your Increasing Debt Problems Through Florida Bankruptcy Law

August 7th, 2020

Bankruptcy law is that section in the federal law dealing with the bankrupt businesses or individuals. Florida bankruptcy law clarifies the procedure related to federal bankruptcy and general pertaining issues related to the Florida residents.

Florida bankruptcy law allows only a permanent Florida resident for filing bankruptcy in the bankruptcy courts of Florida. Florida homes 3 bankruptcy courts with each bankruptcy district having one – Florida Northern Bankruptcy Court, Florida Southern Bankruptcy Court, and Florida Middle Bankruptcy Court. Bankruptcy filing is required to be done in district of their residence. Mostly, the bankruptcy claims in Florida, similar to the Illinois bankruptcy law, are under Chapter 13 and 7 of Federal Bankruptcy Law.

Straight or liquidation bankruptcy is the other name of Chapter 7 and chapter 13 is referred to as wage-earner plan. When either of the two chapters of bankruptcy filing is done, a bankruptcy trustee gathers the entire non-exempt property of the applicant and puts them on sale for benefiting the creditors. However, they do not accept exempted properties for selling procedures. Florida bankruptcy-law helps in the determination of exempt and non-exempt properties. If Florida bankruptcy-law renders an individual to be ineligible for exemption, they are permitted for choosing federal exemptions.

Florida bankruptcy-law deviates from Michigan bankruptcy law with regards to their policy to the exempted properties. Exempted properties are incorporated in the exemption chart of Florida. An individual can exempt a property, which comes under any category of the exemption chart, closer to the amount listed. Florida bankruptcy-law permits liberal policy in bankruptcy exemption. Insurance policies, personal properties, motor vehicle, homestead, part of the wages, compensation benefits for unemployment, benefits for disability, education funds, retirement and pension funds along with health-aid interests are among the things that are exempted by Florida.

The amended Florida bankruptcy-law, which has become effective from the second week of October 2005, has complicated the bankruptcy filing cases. It involves impediment for bankruptcy filing, renewed rules of court, newer forms, and extra loads to debtors and their attorneys. The amended Florida bankruptcy law has now made the Florida exemption laws applicable only in cases where you have been living in the state for couple of years prior to date of filing. If you have not been living in Florida then for getting exemption, you should be spending in the state better part of the 6 months prior to these 2 years.
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“Reformed” Personal Bankruptcy Law of 2005, Now Broken, Should Urgently Be Truly Reformed This Time

March 11th, 2020

Time, once again, to reform the new 2005 reformed bankruptcy laws, and to reform the new reformed Chapter 7 bankruptcy? Or even the Chapter 13? On October 17 2005, amidst the highly charged atmospherics of high drama, robust promises and expectation, the new bankruptcy law, the Bankruptcy Abuse and Consumer Protection Act or BAPCPA, which had been enacted by Congress largely at the prodding of the Credit and financial industries, among other special interests, was promptly put into effect. Generally called the “reform” bankruptcy law, the law had been touted as something of a bankruptcy cure-all that was going to fix a “broken” bankruptcy system in America, most especially, reverse or drastically reduce the high volume of bankruptcy filings and the increased use of bankruptcy by American consumers in resolving their debt problem. The overarching, dominant argument and premise expressed by the banking and financial industry advocates and supporters of the reform law, and by its sponsors in the Congress, was that the growth in bankruptcy was due to “fraudulent bankruptcy filings” by consumers and the “excessive generosity” of the old bankruptcy system which, it was said, encouraged “abuse” and allowed a great many number of debtors to repudiate debts that they could quite well pay, at least in part.

A Congressional Research Service (CRS) report on the matter summarizing the “Legislative Goals of [the] Consumer Reform,” summed it up this way:

“The high volume of consumer bankruptcy filings during the 1990’s fuels the argument that the current law is too lenient, i.e., ‘debtor-friendly’ bankruptcy. Proponents of consumer bankruptcy reform cite many reasons in its support. The legislation is intended, among other things, to make filing more difficult and thereby thwart “bankruptcies of convenience”; to revive the social “stigma” of a bankruptcy filing; to prevent bankruptcy from being utilized as a financial planning tool; to determine who can pay their indebtedness and to ensure that they do; to lower consumer credit interest rates; and, to maximize the distribution to both secured and unsecured creditors. To effect these goals, the proposals implement a “means test” to determine consumer debtors’ eligibility to file under chapter 7.”

That was in October 2005 that the new law came into effect. Fast forward to today in March 2009, however, only less than 4 years after the passage of the new rules of the 2005 BAPCPA law that toughened the system for bankruptcy filing and made it far more costly (it more than doubled the legal fees charged by attorneys for bankruptcy filing) for debtors to file for bankruptcy. And we find that American debtors, once again, are fast returning to the same rate of bankruptcy filing as the pre-2005 levels. And the informed expert projections are that we’ll land right back pretty soon at the same old “square one” in bankruptcy filing – back to the old “bad” high pre-2005 bankruptcy filing levels which the 2005 “reform” law just enactment by Congress was meant to cure and reverse. For the month of February 2009, for example, there were over 103,000 bankruptcy filings nationally. Spread over the 19 business days of February 2009, the filing rate is 5,433 filings per day – which represents a 22.0% jump over the January 2009 filing rate, and a year-over-year increase of 29.9% as compared to February 2008. In deed, by some expert predictions, the nation will register a rate of 1.4 million bankruptcy filings for the current 2009 calendar year.

Clearly, the “reformed” BAPCPA law has woefully failed in its avowed fundamental mission and purpose – discouraging American debtors from using the bankruptcy system in settling their debt problems by making the process tougher and more expensive and hassle-filled, and reversing the escalating or high volume trend in bankruptcy filings.

WHY THE 2005 LAW FAILED

The fundamental reason why the 2005 law has come crashing down so soon, can be traced directly to one basic reason: the whole BAPCPA scheme had been based on a premise that is badly flawed, in deed false, and totally unsupported by facts or evidence or research, but based largely on mere raw emotions and ideological thinking. Essentially, Congress, while conspicuously discounting the independent research-based evidence of scholars such as Harvard’s Elizabeth Warren and others (see, for example, Sullivan, Teresa A., Elizabeth Warren, and Jay Lawrence Westbrook. As We Forgive Our Debtors. New York, Oxford University Press, 1989), ultimately bought the more emotional argument of the banking and financial industries that rampant “fraud and abuse” was to blame for the high volume of consumer filing, and that to stem that tide the law needed to be made more stringent so as to curb “bankruptcy of convenience” by debtors.

That fundamental premise happens to have been totally false and grossly in error, however. At the heart of it, the notion that most American debtors file bankruptcy because though they really have the means to pay up their debts, they just do not wish to pay and merely want to cheat to get out of their debt obligation, is directly contradicted by so many studies and empirical evidence on the subject. But, even more closely today, it is directly contradicted by current events. Americans have, again, turned around and resumed flocking to the Bankruptcy courts in record numbers precisely today at a time of clearly serious national economic downturn, joblessness, financial distress and depression, for a great deal of them. Why? Because they wish to or love to cheat? Clearly, NOT that! Clearly, the 2005 reform law failed woefully to take into account the central role that the overall health and soundness of the “fundamentals,” or, even more accurately, the lack of it, involved in the nation’s as well as an individual debtor’s economic and financial condition – his employment, overall financial obligations, etc – could often play in whether or not the debtor ultimately pays back his or her debt.

“After October, 2007 [marking the two years anniversary after the new 2005 law], there was very little ‘inventory)” of consumers ready to file for bankruptcy relief,” explains Etaoin Shrdlu, one analyst on the subject, writing in Credit Slips, an online bankruptcy forum. “The Code [the bankruptcy law] changed, but the economic factors leading to bankruptcy have not. If anything, they’re getting worse. [That's why] I think that within the next couple of years we’ll be back at the same filing levels we had in 2003 and 2004.”

Elizabeth Warren, the Harvard Law School professor and author of several books on bankruptcy, probably sums up the point best, this way:

“The credit industry did its best to drive up the cost of filing [for bankruptcy] but when families are in enough trouble they will fight their way through the paper ticket and higher attorneys’ fees to get help,” adding that “The word is now leaking out [once again] that the bankruptcy courts are open for business.”

In sum, today, as we now see, the 2005 bankruptcy law is clearly badly flawed, if broken, right from the beginning. Congress, it’s now obvious, needs urgently to completely redo this law to truly reform the egregious flaws of the 2005 “reformed” law – this time correctly, we hope.

Among many other important considerations that the new, truly “reformed” law must include, perhaps the most critical of them all is this: AFFORDABILITY OF BANKRUPTCY; finding low-cost bankruptcy. Whereas the 2005 law sought to arbitrarily restrict or exclude qualified bankruptcy candidates from filing for bankruptcy largely based on false premises by making it more difficult and expensive for them to file, such new law should provide effective mechanism that enables virtually EVERY honest American debtor, once clearly economically unable to meet the debt obligations but overburdened with debt and otherwise qualified, to have low-cost bankruptcy filings. Even finding non-lawyer pro se alternative to lawyer. American debtors should never be forced to have to forfeit their sacred constitutional right to bankruptcy as Americans, to seek the relief of bankruptcy from their debt burden and get the rehabilitative fresh start that bankruptcy offers for a life after debt – AFFORDABLY.

Benjamin Anosike, Ph.D., has been dubbed by experts and reviewers of his many books, manuals and body of work, which deal largely on self-help law issues, as “the man who almost literally wrote the book on the use of self-help law methods” by America’s consumers in doing their own routine legal chores – in uncontested divorce, will-making, simple probate, settlement of a dead person’s estate, simple no-asset bankruptcy, incorporation, etc. A pioneer and intellectual and moral leader of the 1970s-based “you do your own law” movement and a lifelong vehement advocate and veteran of historical battles for the right of the American consumers to perform their own tasks in the area of routine legal matters, Anosike was one of the pioneers who fought and survived (along with many others of courage) the lawyers’ and organized bar’s stiff war of the 1970s and ’80s against American consumers and entrepreneurs who merely sought, then, to use, write, distribute or sell law-related self-help books and kits for non-lawyers to do their own law, upon the lawyers’ claim then of such matters being purportedly “unauthorized practice of law” or “practicing law without a license” Anosike holds graduate degrees in labor economics and management and a Ph.D. in jurisprudence. Characterized by a review of the American Library Association’s Booklist Journal as “probably the most prolific author in the field of legal self-help today,” Dr Anosike is the author of over 26 books and manuals (and countless number of articles) on various topics of American law, including 4 volumes on personal and business bankruptcy filing, in a lifetime of dedication. For more on the subject matter discussed in this article, or on how to get a low-cost, affordable bankruptcy filing, or the author’s other books and manuals.

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