Bankruptcy laws frequently change, so even if there have been financial struggles in your past and you have even filed for bankruptcy before, your current situation might be governed by different laws. The federal bankruptcy laws received their most recent overhaul in 2005. It was at this time The Bankruptcy Abuse Prevention and Consumer Protection Act was instituted to prevent people from taking advantage of bankruptcy filings. There has been much debate over whether the act has prevented abuse or simply created some unintended consequences making it more difficult for honest debtors to qualify. In addition, there were many areas left vague that created uncertainty. This uncertainty continues to evolve with case law. For many filers, much of the applicable laws in place today have remained standard over the last decade or so, but there is always a chance things could change. For example, New York has had two major changes to homestead exemptions in the last several years that greatly benefited potential bankruptcy filers. This just shows how even a few changes can substantially affect a person’s case. What are the best ways to stay up-to-date on current bankruptcy laws?
Internet
An Internet search is one of the best places to find current information about bankruptcy laws. It is important consumers look for trustworthy information on credible sites. There is a great deal of misleading information out there, so rely on materials provided by private corporations that handle bankruptcy filings and government agencies. Never pay anyone to provide you with information on bankruptcy. No money should be exchanged until you have officially decided to file. By beginning your search on the Internet, you are able to gather preliminary information that can help you move forward with your filing when the time arrives.
Government
One of the best places to find information about the laws governing bankruptcy filing is directly from the government. This can be time consuming and some of the information you find might be confusing, but whatever you find will be factual and not designed to mislead you. The information will also be up-to-date, but you might need support determining what does and does not apply to you.
Rockland Bankruptcy Attorney
Finally, the best way to learn about the current state of the law is to speak with an experienced Rockland bankruptcy attorney. He or she can review the information you have already gathered and show you how it applies to your case. If you have moved beyond the information gathering stage, this is the next logical step. A bankruptcy attorney will look at your specific situation and help you determine if filing is the right option for you. He or she will also help you with the filing process and look out for your best interest.
If you are prepared to file bankruptcy or you would like to know more about how bankruptcy might be able to help your financial situation, contact us for more information.
