In the present economic situation, almost every individual is facing the burden of debt and has to file bankruptcy in order to tackle the issue. But the debtor is already short of finances and the question arises if he can afford even bankruptcy when all formalities of filing paper etc are getting so expensive including the lawyers' fees.
Do it yourself bankruptcy is one option, wherein you do everything on your own without consulting a lawyer. But do it yourself bankruptcy needs lot of research and hard work on part of the debtor. Also, he should not be novice when it comes to legal terms because otherwise it would take him lot of time to understand the procedure alone.
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Small business bankruptcy
Small businesses do need a lawyer who can take care of all concerned issues starting from estimating your monthly income, finding how much your spend in a month and later on filing papers and documents accordingly. In between the procedure also, the debtor may require to consult a lawyer who is experienced and has an expertise. Thus, here comes the need of finding a cheap bankruptcy lawyer who is willing to offer his services at discounted rates.
The statistics show that there are so many debtors who are unable to file for bankruptcy because they cannot afford paying so much in the formalities and to the lawyer. In the year 2008, as many as 1.1 million debtors filed papers for cheap bankruptcy. But the worst statistic is that of those debtors who want to file cheap bankruptcy but are unable to do so. And sadly it is equivalent to the number who filed papers, i.e. 1.1 million only.
What Lawyers have to say?
Unfortunately, all lawyers agree to the fact that their huge fees are a major reason why so many people are not able to file small business bankruptcy. The Chapter 7 lawyers although offer free consultation for the first time, but they have to be paid in cash thereafter.
It clearly shows that there are more debtors who would have filed for cheap bankruptcy in case they are capable of paying their lawyers. In such a situation, the debate persists with the government bodies whether to let the debtors stay the same way as they are today or lower the lawyer fees so that more and more people can file for cheap bankruptcy and get their financial statistics settled.
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