As the economy continues to deteriorate, many Americans fear that they may be forced to file for bankruptcy in the near future. None of the economic news in the media appears to be really encouraging. The perfect storm is forming because the government continues to print and borrow more money, causing the US dollar to depreciate. Many economists foresee hyperinflation as a result of the present administration’s failed attempt to use Keynesian economics to get out of problems. Americans are now fearful of having to file for bankruptcy if circumstances do not improve. The average American’s credit card debt is now eight times more than it was 30 years ago. With so many people live only on credit cards, it doesn’t take a rocket scientist to predict that many of them will eventually file for bankruptcy. If you wish to learn more about this, visit Spokane Bankruptcy Attorneys .
The prospect of declaring bankruptcy sends shivers down most people’s spines. It’s not quite as horrible as most people believe, especially if the debtor gets the assistance of a competent bankruptcy attorney. How can you locate a competent bankruptcy lawyer? Most individuals don’t want to accept the possibility of filing for bankruptcy, so it’s not a regular topic over the dinner table. There’s also the issue of pride. Many people who are struggling to make ends meet are too embarrassed to ask for help because they are humiliated about their impending financial disaster. People rarely like to tell their friends and family that they have filed for bankruptcy.
When looking for a bankruptcy attorney, the most crucial factor to consider is expertise. Finding a good surgeon is similar in that the more procedures they perform, the better they get. The more experience a bankruptcy attorney has, the more likely they are to encounter a variety of situations, allowing them to gain a greater understanding of all aspects of the bankruptcy code. Most lawyers strive to focus their practise on one area of law in which they excel. Many work with families and individuals and specialise in Chapter 7 bankruptcy. Others specialise in Chapter 13 bankruptcy, which is more concerned with protecting real estate and property.
Since the 2005 revisions to the bankruptcy code, filing bankruptcy has become more complicated, and it should only be done with the assistance of a bankruptcy professional. Although it is legal for an individual to file bankruptcy on their own, it is not recommended. There are numerous pitfalls that someone trying to do it on their own could encounter, from filling out the petition to deciding when to file bankruptcy.