New Bankruptcy Laws – Understanding The Changes | laws and issues

The new bankruptcy laws were introduced on 17 October 2005. Since their entry, these laws have become all the more complicated. However, the cause of most of the complications is nothing but the general unawareness. That is the reason why it is always recommended to hire an attorney while you are filing a petition in this regard. The bankruptcy lawyers are experts in this field and they know how to use the laws in your favor. They will also help you understand the laws and differentiate the same from any misconceptions.No One Will Know About Your Bankruptcy Debtors usually have the fear that if the court declares them insolvent, people will come to know about this, which will eventually make their social life harder. It is imperative for you to understand that there is no such provision in the new bankruptcy laws that advertises the news of your going belly-up to your employer and others in your locality. Unless you are a renowned person and a public figure, no one from the media will be interested in your case. Under normal circumstances, only your creditors and others involved in your case will get to know about your insolvency. People who are not well aware of these aspects fear filing bankruptcy because they think if their employer comes to know about this, they will be fired from the job. If your boss is not your creditor, it is highly unlikely that they will ever come to know about this. And, whichever is the case, it is important for you to understand that the new bankruptcy laws are against any such discrimination. It means that no employer can fire an employee just because they were declared insolvent. Always remember that impoverishment is not a crime. It is just an unfortunate phase in one’s financial life.Does Bankruptcy Remove A Lien? Some people have the confusion whether being declared as bankrupt by the bankruptcy court removes a lien. Well, there are certain circumstances under which once the proceedings of your case are started, you are allowed to file a special motion to remove certain liens. If the court orders in your favor, these liens can be removed. However, do understand that such issues are usually very complex, especially after the inclusion of the new bankruptcy laws. Therefore, you are recommended to avail legal services of an expert attorney in this regard.This way, we can see that the reason why many people fear from filing their petition even if they are wholly eligible is nothing else but their misapprehensions. By saying that, I do not mean that insolvency is an easy way to get rid of all your debts. No, it is not. But when all doors are closed to you, it is the only and best way to save your fiscal life. It will make your complex financial world a little easier to live in and you will get another chance to exercise monetary control. Just make sure that you are aware of the new bankruptcy laws.

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