Bankruptcy As A Last Resort

Your Massachusetts bankruptcy attorney can help you prepare to file your personal bankruptcy claim in a number of different ways. Each Massachusetts bankruptcy attorney does things differently but most will require that you obtain the most recent copy of your credit report. Your Massachusetts bankruptcy attorney will analyze it for specific information that can guide and pave the next step. Perhaps after examining your credit, it becomes obvious that a bankruptcy is not necessarily the best option for you.

If this is the case then you will be advised to explore other options first. Bankruptcy should only be used when you really need it and as a last resort. Relying on it excessively can present a problem especially since the Bankruptcy Abuse Prevention Consumer Protection Act of 2005 increased the time period between filings. Prior to October of 2005, you could seek a second bankruptcy six years after your first bankruptcy was discharged. After October of 2005, that time frame was increased to eight years. This slight increase is intended to be just long enough to discourage repeat filers from depending on bankruptcy as the only solution when they find themselves in a financial bind. This additional time may actually force potential repeat filers to seriously consider and explore other options.

In addition to the extended time period between chapter 7 filings, the Bankruptcy Abuse Prevention Consumer Protection Act of 2005 also tried to make it harder for people to abuse the privilege of bankruptcy as well as to protect the consumers.

Now, potential filers must submit themselves to a means test under the chapter 7 eligibility requirements. The means test evaluates your monthly income in relation to your monthly expenses. If you have a significant amount of money left over after satisfying your monthly debt then chances are that you will not qualify for chapter 7.

For experienced, knowledgeable and trustworthy bankruptcy assistance, contact the attorneys from www.legalhelpers.com. Call toll-free 800-260-1402 today for your initial free consultation or come into one of their 100 offices across the country.