About Bankruptcy
When federal law changed in 2005, anyone filing for bankruptcy had new requirements to fulfill. Now, even
before filing, you must complete a U.S. Trustee-approved pre-bankruptcy credit counseling session. If after taking the class you decide bankruptcy is the right option, you have 180 days after the session to file. A means test will determine whether you file under Chapter 7 or Chapter 13. [link to FAQ that defines the difference] Before the bankruptcy is discharged, you must take an approved debtor education class, such as New Start.
Many people facing financial turmoil wonder if they really need to hire a lawyer to get them through the process. The law does not require that you hire an attorney, but bankruptcy is complicated and will have a long-term impact on your life, so seeking legal assistance is usually advised.
Below are some links with helpful information.
Links
Government Sites
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Before You File for Personal Bankruptcy:
Information About Credit Counseling and Debtor Education -- A Fact Sheet from the Federal Trade Commission
http://www.consumer.ftc.gov/articles/0224-filing-bankruptcy-what-know -
United States Bankruptcy Courts
http://www.uscourts.gov/FederalCourts/Bankruptcy.aspx
This site includes:-
Bankruptcy Basics
Explains in detail the bankruptcy process. From the Public Information Series of the U.S. Courts Bankruptcy Judges Division
http://www.uscourts.gov/bankruptcycourts/bankruptcybasics.html -
Filing for Bankruptcy Without an Attorney
http://www.uscourts.gov/bankruptcycourts/prose.html
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Bankruptcy Basics
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U.S. Trustee Program
Oversees the administration of bankruptcy cases. Click on Bankruptcy Reform for information on the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
http://www.usdoj.gov/ust/
Associations
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National Association of Consumer Bankruptcy Attorneys
http://www.nacba.org/ -
American Bankruptcy Institute Consumer Education Center
Includes FAQs about bankruptcy.
http://www.abiworld.org/AM/Template.cfm?Section=Online_Resources
