I’m too Broke to File for Bankruptcy!

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Nearly twelve years have passed since the 2005 Bankruptcy Reform Act took effect, which made it more difficult and expensive for struggling debtors to file for bankruptcy. The goal of the Reform Act was to prevent debtors from taking advantage of the US bankruptcy system in order to “write off” debts that they could actually afford to repay.

While good in theory, the hurdles put in place by the Reform Act have spawned a growing group of Americans who feel that they are doomed to live a life permanently broke and indebted.

Stricter qualification standards, mandatory credit counseling courses (on the debtor’s dime), increased homestead exemption restrictions and tougher attorney liability (read: higher rates) all add up to one thing: bankruptcy is now too expensive for those who need it most!

This has led many indebted Americans to attempt to file for bankruptcy on their own without the help of an experienced bankruptcy attorney. The concept of eliminating attorney fees may sound appealing at first, but the unfortunate truth for pro se bankruptcy filers is that the bankruptcy code is extremely complex and rife with opportunities for error. Mistakes on a bankruptcy petition cannot simply be erased or fixed with a simple “do-over,” and almost always cause a bankruptcy case to be dismissed.

What, then, is today’s flailing debtor to do?

If retaining a NJ bankruptcy attorney is cost prohibitive, and filing pro se is bound to lead to dismissal of your case – are there any real options? Living the rest of your life one step away from drowning in debt is not only undesirable; it can cause high stress levels that will prevent you from ever being truly happy.

Solutions for those “too broke” to hire a bankruptcy attorney do exist!

You don’t have to live with creditors breathing down your neck, watching your every financial move and prohibiting you from ever applying for a new loan. You also don’t have to lose your home to foreclosure (unless downsizing is something you want to do). Conversely, if you’re doling out steep rent payments every month, getting approved for a home mortgage does not have to be a mere pipe dream.

Bankruptcy is the fresh start and the only answer to financial insolvency. Despite the constraints placed upon consumers under the Bankruptcy Reform Act, there is help available. You just have to know where to look.

Attorneys, as a group, have a reputation for being solely focused on money. In New Jersey, there are bankruptcy attorneys who truly want to help their clients! For example, Veitengruber Law is a NJ bankruptcy firm that cares more about helping people than about taking their money. When you look for an attorney to help you file for bankruptcy, make sure your attorney is interested in helping you even beyond your bankruptcy discharge.

Attorneys like George Veitengruber will sit down with you for a free consultation to discuss your financial situation. During your consult, a long term plan to repair your credit will be mapped out. Retainer fees and other costs will be discussed, and a payment plan will be set up that actually works for you. We’ll also help you get creative in order to pay your legal fees.

A bankruptcy attorney who cares about your financial future does exist! If you’re looking for New Jersey debt resolution assistance in Monmouth, Burlington, Camden, Gloucester or Atlantic county, fill out our contact form today. We can help.

Image credit: Sodanie Chea

 

 

 

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