Boston Bankruptcy Lawyer Explains New Bankruptcy Laws
Despite what you may have heard about the new bankruptcy laws, they really are designed to help those that are truly in need of federal bankruptcy protection. Safeguards were enacted under federal bankruptcy reform laws implemented in October of 2005. The primary reason for this new legislation was to differentiate between those individuals who really are in desperate need of financial assistance versus those individuals who are attempting to take advantage of the institution and principles that bankruptcy is founded on.
New bankruptcy regulations require potential bankruptcy filers to submit additional paperwork and documentation in order to substantiate one’s need for financial assistance. It doesn’t matter if you are in your situation voluntarily or involuntarily. At some point, the issues must be dealt with and your Boston MA bankruptcy lawyer will be there by your side to help you every step of the way. Having a one on one with your Boston MA bankruptcy attorney can help you determine where you stand and if bankruptcy is a sensible option for you.
The new federal bankruptcy policies may ask that you dig a little deeper in supplying relevant information. For example, you will want to provide your Boston bankruptcy lawyer with ample copies of things like the past few years tax returns, check stubs, statements for savings and checking accounts. If you own your own home then mortgage documents must be handed over. This is in addition to copies of credit card statements of accumulated debt or unpaid medical bills. You should be prepared to reveal the reason why you are filing for bankruptcy as well. If you have experienced significant income loss due to a job loss then be fully prepared to provide unemployment check stubs and other information. Your bankruptcy lawyer in Boston can help you decipher the necessary from the frivolous paperwork.
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