There appears palpably in mid-air, one ominous additional burden for that average heavily in financial trouble American debtor and consumer in the current dire national economic conditions who may possibly see his only option for many relief, in filing personal bankruptcy: finding low-cost personal bankruptcy, finding low-cost personal bankruptcy that you could afford. Meaning, essentially, a non-lawyer pro se alternative.
The most recent figures just released through the Administrative Office from the U.S. Personal bankruptcy Courts around the Feb 2009 personal bankruptcy filings, made one vital reality very obvious to just about everybody, namely, the rate where the more and more overburdened and restive American debtors (both of these individuals and companies) are declaring personal bankruptcy, reaches its greatest levels because the now-famous (or infamous, many would say!) draconian changes of 2005 towards the U.S. personal bankruptcy law. But, much more considerably, the new filing rates are ominously beginning revisit that old “hated” high personal bankruptcy filing levels the nation had arrived at before that new law was passed in 2005, supposedly designed to correct and drastically curtail or turn back then pre-existing high filing levels.
This most recent trend in American debtor personal bankruptcy filings strongly underscores a couple of fundamental points, amongst others. First, the depth and gravity from the financial straights and difficulties where the average American consumer and debtor is within today. Second, the matter that, regardless of how difficult a legitimate hurdle and impediment the institutional forces that be (the Congress, the lawyers, or even the banking institutions, the courts, etc) may attempt to place on the way from the American debtors to test discouraging or which makes it harder on their behalf in choosing the personal bankruptcy respite from their debt burdens, if this really is time of dire financial and economic crunch, Americans will in some way still discover a way, and can still persevere and persist even against all odds, in demanding their constitutional legal rights to become heard in personal bankruptcy and thirdly, the critical necessity, for that average debtor, for locating low-cost personal bankruptcy filing options to lawyer.
Elizabeth Warren, a Harvard School professor and author of countless books on personal bankruptcy, most likely covers the purpose best by doing this, alluding towards the persuasion from the Congress by various special interests to pass through the 2005 law that restricted debtors from declaring personal bankruptcy: “The loan industry [along with other vested interests] did its better to increase the price of filing [for personal bankruptcy]. However when people are in enough trouble, they’ll fight their way with the paper ticket and greater attorneys’ charges to obtain help,” adding that “The term has become dripping out [once more] the personal bankruptcy courts are open for business.”
THE “UNOFFICIALLY BANKRUPT DEBTORS” – DEBTORS WHO CAN’T FILE Simply Because They Can Not Afford IT
But, even most significantly than that, in the perspective from the average personal bankruptcy-seeker today, this raises one fundamental questions, however. Namely, how must the present growing army of more and more despairing American debtors who not just seek to launch personal or business personal bankruptcy, but in a huge number of cases, truly Have to file one, Manage to file personal bankruptcy – particularly, our prime lawyers’ legal price of declaring personal bankruptcy? How can these debtors get or find low-cost personal bankruptcy? A personal bankruptcy that debtors can reasonably afford?