Bankruptcy

Everyone in America thinks they're entitled to the very best and spend
accordingly. Unfortunately, most don’t have the money for all of the
things they want to buy and so they finance their purchases with
credit. That’s fine if you have the money to pay your debts as they
become due. However, the big question is this: What do you do when you
don’t have the money to pay the creditors? What kinds of problems does
this cause?

Well some of the answers you may be seeking are for other professionals
to answer, but for lawyers, the common ones are: can this person or
couple benefit from Bankruptcy and or Divorce? Yes, I said benefit.
That’s what its about.  I can show you how you will be ahead in terms
of money, debt and have much less stress by hiring my services in those
areas.

Let us look at bankruptcy first. Obviously, this is not for everyone,
but it is a solution for many. Every year, more people are filing
bankruptcy. Last year a record breaking 2 million new cases were filed.
Bankruptcy is better than credit counseling, which involves several fees
and often, full balance repayment, even if interest rates are reduced.
In most cases, once a Chapter 7 Bankruptcy is filed, you will pay
little or none of the balance. Also, credit counseling often takes 6-7
years. Bankruptcy, in some forms, can be accomplished in as little as
4-6 months. Credit counseling means no one will lend to you while you
owe the original debts.  After bankruptcy, especially if you have a
job, you will find new credit being extended to you as soon as your
bankruptcy is completed.

You might ask: "Can I still file bankruptcy? I heard there is a new law
which restricts my ability to file?" The new bankruptcy law that went
into effect October 17, 2005 only effects about 3% of the population.
There may be a few more hoops to jump through but 97% of you can still
file bankruptcy.

Many clients have told us that filing bankruptcy saved their marriage.
It also saves you from having to work more than one job or spend money
out of your retirement account for bills you can get rid of in the
bankruptcy. You can often keep your home, car, personal furnishing and
retirement account.

Keep in mind that Divorce is often caused by financial strains. Common
issues are: child support, child custody, visitation schedules, health
insurance, uncovered medical bills, orthodontics, division of debts and
assets, restraining orders, alimony, appraisal of property, etc.
Sometimes, even though it will not bring the parties back together,
they can each diminish their debt load by cooperating on filing a
bankruptcy case.