New Bankruptcy Law Filing Requirements Have No Effect on Need for Bankruptcy
Although we are well into the era of the new Bankruptcy Law, statistics compiled by the National Association of Consumer Bankruptcy Lawyers suggest that the credit counseling requirements of the new law will have a negligible impact on bankruptcy filings.
Although the bankruptcy procedures are more complicated, time consuming and expensive, the issues that drive Georgia residents into bankruptcy have not changed. According to statistics collected from credit counseling agencies, only about 3% of people attending counseling end up in a non-bankruptcy debt management plan.Divorce, job layoff, unexpected illness, and poor money management continue to generate the majority of bankruptcy filings in the Northern District of Georgia.
If you are unable to pay your bills because of a sudden loss of income, bankruptcy protection is still available to you. Under the new law, bankruptcy relief has become more complicated and does require additional planning.
Over the past few months, I have met with dozens of individuals and families to discuss bankruptcy. In most of these cases, I have sent my prospective client home to gather additional information or documents, or I have counseled these potential debtors to wait one, two or three months to lessen the chances of an objection.
If you have the slightest sense that bankruptcy relief may be an option, I urge you to contact me to discuss your case over the phone or to schedule an office appointment. Waiting to file at the last minute is most definitely not a good idea.
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