It seems that the government does not follow the- don't fix it if it ain't broke- principle. This is evident from the 2005 amendment that was made to the bankruptcy laws. The means test was revised and it just became more difficult for the average individual to opt for a debt settlement. Today, whether you qualify for a chapter 7 bankruptcy or not is determined on your average annual income. If it is more than the median income of your state, then you may have to complete additional formalities and focus on other factors before determining whether you qualify for bankruptcy or not.
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Since the average individual is not in a position to take a firm stand on this, bankruptcy attorneys are getting more business. If you had enough money to hire an attorney to check out minor points related to your finances, would you even be thinking of bankruptcy? This obvious contradiction in the law means that bankruptcy is not the right way to proceed if you are facing financial problems.
Instead, you should go in for a debt settlement. Remember that if you do not fall within the ambit of chapter 7, you will automatically be pushed towards chapter 13 which is nothing but a state sponsored and state management managed debt repayment plan. Do you want to involve the state in a transaction between you and your lender? Why don't you make use of debt settlement experts to negotiate with your lenders?
You just have to indicate that bankruptcy is a viable option even if it is not the best one around. On the other hand, you will definitely be interested in helping the lender out provided you have given a significant discount. A 50% discount followed by a reduction in the total amount owed along with an installment facility to repay the balance - this is what you should request.
In return, you will promise to repay the balance amount in an escrow account that can be controlled by the lender. This will help you overcome your debt problem without opting for bankruptcy. Paying for the services of the professional will not be a problem because the payment is to be made only out of the money that the expert saves for you.
All this means that bankruptcy something that you should not opt for until you have absolutely no alternative left. With the stimulus package still in the economy, you can be rest assured that a debt relief option in the form of settlement is always present.
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