Understanding the New Bankruptcy Laws
Bankruptcy law is always evolving. This is especially true after the Bankruptcy Code was substantially and detrimentally changed in October of 2005. That is why it is important to have an attorney who is not only experienced, but actively involved in bankruptcy law, protecting your rights. At the San Diego offices of the Debt Relief Legal Clinic, we are dedicated to helping our clients get the debt relief they deserve through bankruptcy and other means. We understand the most recent bankruptcy laws, we know how to apply those laws, and we can help you explore your options. Note, we have indicated the laws are still ‘new’. This is because the new Code was written so poorly, the interpretation of these laws was and continues to be subject to interpretation. Even now, nearly 10 years later, cases are reaching the U.S. Supreme Court to make a final decision on what the ‘new’ law actually means. The Law Offices of John C. Colwell have been at the forefront in monitoring the implementation of the new law and Attorney Colwell has actively lobbied in Washington, DC on behalf of all debtors, to insure fair and equitable treatment for his clients.
Over 30 Years of Bankruptcy Experience
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We understand that you have questions about what it means to file for bankruptcy. Our attorneys and trained staff will answer your questions about the new bankruptcy laws in plain English, making sure you have the information you need to make smart decisions about your legal future. We are dedicated to tailoring our approach to your unique situation. You will be greeted warmly and treated respectfully by one of our attorneys for analysis of your case. Our paralegals are warm and friendly, too, but for your personal consultation, you will meet with one of our attorneys. We make no exception to this practice. If you are to hire an attorney, we think we are obliged to meet with you immediately for analysis of your personal situation and you are entitled to that obligation.
Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
The most major recent law change regarding bankruptcy was the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. There are many many bankruptcy myths and mis perceptions as a result of this new law, but the most important thing to understand is that you can still obtain debt relief through bankruptcy.
The law has made it more difficult to file for chapter 7 bankruptcy. If you are looking to discharge your entire debt, you will have to take a ‘Means’ test. This is an arbitrary income and expense calculation to determine eligibility. Most people ‘pass’ the test. Many potential clients have undertaken their own research of the ‘Means’ test and concluded they don’t qualify. Many of those that come into our office are surprised to find out that they were wrong, and they do qualify. The means test is very much like a tax return. There are ‘deductions’ that are available that our experienced attorneys know how to utilize to insure ‘safe’ passage of the means test. This is another reason why it is important to use an attorney and an experienced attorney, to maximize your likelihood of success. Ultimately, if you do not qualify, you will not be able to file for Chapter 7, or if you do file, your Chapter 7 might be subject to challenge. In those events, we will examine and advise whether you will still be eligible for Chapter 13.
As the interpretation and impact of the laws of ‘Bankruptcy’ are always changing, the best way to find out accurate and up-to-date information about your debt relief options is to talk with a bankruptcy lawyer. With offices in San Diego, Vista and Bonita, we provide individuals and families throughout Southern California with straightforward legal advice. Call 877-663-3287 or contact us on-line today for a free initial consultation.