In recent years, new bankruptcy laws have been put in place. This law makes some sweep changes in the Lama Law, and in some places, certain regulations are fully changed and almost rewritten. The reason for this change is because people take advantage of old law in a big way. For example, you can first file bankruptcy almost on the will, and you can do it so often, which means that many people will submit, then make themselves into financial problems in a very short order, then repeat the entire process.
This type of abuse is no longer possible with the law of new bankruptcy. But the law is enacted for a reason, and for people who have legitimate needs to submit, this law may seem complicated but they really benefit you. Maybe not in all cases, but learning to work in laws can make the whole process easier for you.
First of all, you need to know exactly where you are financially. Too many people who think bankruptcy is the only way out of a difficult financial situation and have not taken time or submitted an effort to examine their options and alternatives thoroughly. You can do this easily and cheaply (in many cases, free) through the evaluation of bankruptcy from an eligible lawyer who understands the process and law in your country.
With the new bankruptcy law, there is a period of time where if you have expressed bankruptcy in the past, you cannot submit it again. This period of time varies from country to country but it is clearly not whenever you want. There are also certain types of debt that cannot be removed by bankruptcy, such as liens tax, child support, and previously submitted considerations for you from a creditor that is easily offended.
Bankruptcy does not always mean that all your debt will be removed, even though that is what most people will be the result. Instead, the court views your finances and then decides on the bankruptcy chapter that you can submit. If the decision is chapter 13, then your debt is not destroyed but they are “reorganized” with a lower monthly payment, but you still have to pay it. If you are approved for Chapter 7, then your qualified debt is deleted.
But again, this is not your decision. This is another reason that it is worth your time and maybe even the cost of being represented by a quality bankruptcy lawyer who understands this problem and knows how to present your finances to court with the light you might receive.
In essence: Get the evaluation of bankruptcy and fully understand what your choice and alternative is, and if bankruptcy, you can also understand what is expected, which will allow you to make smart decisions whether you have to continue or not.