By Gerri Elder
It's one thing to tackle a leaky kitchen faucet yourself, wrench in one hand and "how to" book in the other.
It's another thing to climb up on your second-story roof and nail in shingles while trying to keep your balance.
It's the difference between taking a calculated risk... and risking your life.
Most individuals, even those who pride themselves on being able to do a wide range of things themselves, usually know when they need to call in the professionals.
But sometimes, individuals facing huge financial troubles think they can't afford the expert help they truly may need. And the result may be tragic for them and their families.
Filing bankruptcy can be a complicated, intricate process. And it's become even more so since the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) was enacted. In fact, record numbers of people filed for bankruptcy in advance of the law's enactment, for good reason.
According to the Public Report on Debtor Audits released this week by the U.S. Trustees Office, a full 30 percent of bankruptcy filing audits showed at least one "material misstatement." This means that incorrect or incomplete information was discovered, challenging the petition or other key documents in a bankruptcy case.
The audits are part of the office's oversight of private trustees and enforcement of bankruptcy laws as a result of BAPCPA. The office ensures compliance, monitors frauds and works with the FBI and other government agencies. Think of it as bankruptcy's own IRS!
The first annual report by the U.S. Trustees Office found errors in as many as 55 percent of randomly audited individual Chapter 7 or Chapter 13 cases within certain individual federal judicial districts. Cases were selected either randomly (at least one out of every 250 cases) or because income or expenditures were above a statistical norm (exception audits).
When material misstatements are found, a notice is given to all creditors in the case. According to the report, "debtor audits have helped identify cases of fraud, abuse, and error."
Filing bankruptcy is more than filling out a few papers. Along with the huge number of legal requirements and detailed information needed, it's an emotional, very personal process that most individuals have never experienced. Having an advocate in your corner, like a bankruptcy lawyer - means you'll have someone looking out for your best interests and ensuring all the i's are dotted and t's are crossed.
Sometimes qualified, specialized help is needed to get you through a difficult time. Discover the options that might be available to you if you're concerned about losing your home, losing your job or going even further into debt.
Take action today by talking with a Total Bankruptcy sponsoring attorney! Our number is 877-349-1309 or just click below to connect with an attorney near you: