Role Of Lawyers Could Change With New Bankruptcy Laws
Earlier this year, President Bush signed a new bankruptcy bill designed to make it harder to file bankruptcy in a bid to cut down on frivolous and often unnecessary filing. It was thought that too many people were knowingly getting themselves into high levels of debt, and then simply filing for bankruptcy thus cleaning the slate and eliminating all the debts that they had accumulated through spending.It has now been revealed that the changes made through this new bill could also affect the lawyers dealing with bankruptcy cases. The roles and responsibilities as well as the liabilities of the lawyers could increase with these new bankruptcy regulations.
Plus, of course, an obvious way in which lawyers could be affected is the cut in business for lawyers dealing solely with bankruptcy proceedings, as the number of people filing will go down.
Under the new regulations, anyone thinking of filing for chapter 7 will need to see a court-appointed financial advisor beforehand. This could instantly see a fall in the number of people filing for bankruptcy. Lawyers will also now need to co-sign for assets and liabilities, thus putting more responsibility on the lawyers. One lawyer stated: "The lawyer will be held to bear if it's determined the lawyer didn't do a reasonable search to determine the accuracy."
Topic Added July 18th, 2005
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