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Impact Of New Laws On Philadelphia Bankruptcy Lawyers

by Jason Fadien

posted in Finance : Personal Finance

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Some residents of the city of Philadelphia are discouraged from seeking the legal services of Philadelphia bankruptcy lawyers because of their increasing fees assessed or inflicted upon their clients. In evaluating the equation, it would be helpful to note that relatively new legislation has impacted the job of Philadelphia bankruptcy lawyers.The Bankruptcy Abuse Prevention Consumer Protection Act of 2005 increased the responsibilities of Philadelphia bankruptcy lawyers. They are required to conduct investigations to verify the solidity of the information that their clients provide. This requires more time and resources. The bankruptcy lawyer may have to allocate those duties to his or her paralegals or legal assistants. Whether the attorney elects to do the extra work himself or opts to delegate this additional responsibility to other members of his team, it is still costly so logically they must pass that cost on to their clients. In addition, the federal regulation will hold the attorney liable for errors in their clients' bankruptcy paperwork. This process is very similar to the tax return audit process in the respect that the person or organization that filed the tax return will be liable for technical errors. There is a certain standard or level or professional accuracy that is expected of law professionals in the same way that tax professionals are expected to be knowledgeable and competent in all matters within their field.

If a bankruptcy attorney is not comfortable with the type of information that a potential filer has provided and his or her ability to verify or confirm the data then he or she may chose not to accept your case. If this happens to you then you should not necessarily take it personally because the attorney must feel confident in the ability to represent all matters adequately or they could be found liable.

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