Understand new standards and requirements

After the 2005 implementation of the Bankruptcy Abuse Prevention and Consumer Protection Act, Baltimore lawyers have to adapt their practice to usher in a new bankruptcy filing era. Previous bankruptcy amendments had not been done for decades before the October 2005 changes.

Baltimore Bankruptcy attorneys should explain to their clients exactly how the new rules may affect their application and what the new standards and requirements. The new bankruptcy laws require the completion of an approved mandatory credit counseling within six months after filing your petition. For people who intend to file for bankruptcy more than once, you must provide a specified time period in between, depending on what type of bankruptcy you already have and intend to file prior to filing for bankruptcy again.

Baltimore lawyers should advise their clients to explore their last two month history of spending and to be careful what they buy in the near future, because if you already are considering filing for bankruptcy and still choose to buy a few last-minute luxury facilities As the new laws require you to pay for them fully, if purchased within 60 days after filing. This includes cash advances and services over $ 500.

Baltimore Bankruptcy lawyers want explain to their clients how the new expense guidance work. The new guidelines, which are cost-reimbursement, which provides a certain amount of basic necessities such as food and shelter. If there is a surplus of at least $ 100 leftover after all other financial obligations have been satisfied, so you do not have permission to file a Chapter 7 bankruptcy, which typically costs more than a Chapter 13 will. The new bankruptcy law is designed to make more people take responsibility for the debt they have accumulated and file for restructuring of debt rather than liquidation.