Our Oakland bankruptcy attorneys think you should know about possible future problems.
Like many legal professionals who specialize in personal financial cases, our Oakland bankruptcy attorneys foresee major problems that may arise from the current law.
Our Oakland bankruptcy attorneys believe that this law may cause consumers an incredible amount of problems by building obstacles to erase their debts. Filing their cases may become more difficult and more complicated than ever before.
Our Oakland bankruptcy attorneys want you to know that the law has major provisions to the code that may prevent many Americans from qualifying for a "fresh start" Chapter 7 bankruptcy.
Under this law, Oakland bankruptcy attorneys believe that many of their clients will be forced to file a Chapter 13 case, which requires payments toward debts under a court-ordered payment schedule over three to five years.
The bankruptcy law's proponents claim that far too many Chapter 7 cases are the result of "abuse"
This group has lobbied for this current law for eight years, in an attempt to stem "abuses" from consumers who fall deeply into debt and then look for an easy way out. They point out that the number of filings has skyrocketed in recent years. They also point out that roughly 70 percent of filers use Chapter 7 to effectively wipe their slates clean of debt. According to the American Bankruptcy Institute, a research group, more than 1.1 million consumers filed under Chapter 7 in 2004, while only half that number did in 1994.
While some consumers overuse credit cards without any intention of repaying their debts, nearly 90% of cases are filed by individuals who are facing unforeseen problems such as uninsured medical bills. Individuals caught in this no-win situation may also fall prey to the credit card companies' widely adopted universal default policies that jack up interest rates to 25 percent and higher if consumers make one billing misstep with an unrelated creditor.
Critics of the current laws say that it removes a safety net for Americans who suffer from such calamities, and may keep them mired in debt for life.
If you feel that you may be danger of needing to file either a Chapter 7 or Chapter 13 case, the time to act is now. We make it easy to locate and talk to experienced professionals in your area without any further obligation. All you need to do is call our toll free number, 1 (877) 349-1309. Or, fill out our secure online case evaluation form with a few details about your situation. All information is kept strictly confidential. One of our experienced legal professionals should contact you to set a convenient time for a free consultation.
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The purpose of this web site is to help you learn everything you need to know about bankruptcy, the process, your bankruptcy attorney and your legal rights. The best place to start is with the U.S. Bankruptcy Code. It delivers protection to people in financial jeopardy who are suffering under mountains of debt. Bankruptcy is your legal right.