Can I still file for bankruptcy protection since the bankruptcy law changed in 2005?
A: Yes. The new law changed the bankruptcy rules, but the law did not eliminate your right to bankruptcy protection.
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A: Any person residing, domiciled, or having property or a place of business in the United States may file Chapter 7. A business may also file a Chapter 7. The 2005 bankruptcy law includes a "means test" which applies an income vs. expense test in order to file Chapter 7 bankruptcy. There are currently no minimum or maximum income limits or other income requirements or limitations for people whose unsecured debts are primarily non-consumer debts such as investment liability, business losses, taxes, or student loans.
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Do I need a bankruptcy attorney to file for bankruptcy?
A: Bankruptcy law does not require that you hire a law firm or a bankruptcy attorney to prepare a bankruptcy petition or to represent you in your bankruptcy case. However, since the change in bankruptcy law in 2005, the process of filing for bankruptcy has become substantially more complicated. In addition, the financial risk of filing your own bankruptcy incorrectly could be much greater than the amount of a reasonable fee paid to a qualified bankruptcy lawyer.
Melehy & Associates is a law firm of experienced bankruptcy lawyers who are committed to helping individuals file for bankruptcy under the U.S. Bankruptcy Code. From our offices in Silver Spring, Maryland, our bankruptcy attorneys serve clients from throughout Washington, D.C. and Maryland, including Montgomery, Prince George’s, Howard, and Charles Counties.
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