Elizabeth Warren, a Democratic presidential hopeful, revealed her proposal to change bankruptcy laws. The goal is to make it easier for people to file for bankruptcy so they get back on their feet in no time. You might be wondering: how difficult is it to file for bankruptcy today? Here are some thoughts from the top bankruptcy attorney office in Los Angeles.
Bankruptcy Attorney Office in Los Angeles to Help You File
Elizabeth Warren planned to repeal the provisions in the 2005 bankruptcy bill. Warren was one of the senators who opposed the bill while it was still in Congress. For the senator, the bill made the crisis much worse.
With the overhaul, it will be easier for individuals who are in debt to find relief through bankruptcy. The proposal will end the rules that will make it impossible for students to discharge their loan debt.
Furthermore, the plan will address the issues in the personal bankruptcy system. With the changes, the system will make it easier for people to handle their financial situation and allow their children to live comfortably during the bankruptcy process.
The current bankruptcy bill makes it difficult for people to begin the process. As a result, it is not easy for them to get back on their feet. The senator plans to reduce all costs and allow people to have flexibility in bankruptcy to look for solutions that will suit their financial issues.
Currently, you can file for bankruptcy without a lawyer. However, it will hinge on the type of bankruptcy case. The law does not require you to hire an attorney to file for bankruptcy.
It is almost always a good idea to hire a bankruptcy attorney. You may want to handle it without an attorney if your household income is below the state median or if you own little or no assets. But, it is a bad idea to file for bankruptcy without a lawyer if you file for Chapter 13.
There are several reasons that you might want to file for Chapter 13, rather than Chapter 7. You need it to catch up on your mortgage arrears or to eliminate your second mortgage. This is also an ideal option if you do not qualify for Chapter 7. Regardless of your reason, it is too complicated to file Chapter 13 on your own.
In addition to filling out the form properly, you also need to include a design of your repayment plan. You may also need to file additional motions and paperwork with the court. When you have the help of a lawyer, they can take care of all of this and more for you.