Bankruptcy Services are becoming increasingly important given the failing economy. It is time to protect the
middle class consumer from the irresponsible “big boys” who wreaked havoc on us. Unfortunately the word
“bankruptcy” has a connotation of “deadbeat”. In fact, in 30 years of practicing liquidation and reorganization less than
2% of my clients could be viewed as deadbeats. For people who end up filing bankruptcy there is usually an event in
their lives that causes them to go under; such as divorce, job loss or medical bills. What about credit card charges?
Often the credit card charges are linked to trying to pay bills which, for loss of employment, stacked up. People get
cornered and they begin to "rob Peter to pay Paul". People are optimistic and really believe things will change. It’s not
the principal, but the outrageous interest that causes people to give up on paying. When you start to use the cards
to pay bills it is time to call me. Don't wait 'till its too late. 15 minutes on the phone is free; so why not?
What exactly does the bankruptcy court do? Simply, it gives legal protection; not only to the person in debt but it
protects the interests of the creditors as well. The bankruptcy laws are designed to prevent abuses by a debtor and
overreaching by creditors.
Why not use DEBT RELIEF agencies? Because most of them are crooked; take your money with no result. Most of
them are from out of state so pursuing them when they have taken your money is not an option. The question really is
why use a debt relief agency? They charge more than any lawyer and you get no court protection. It’s insane but
people do it all the time. Usually they end up filing bankruptcy anyway; after they have lost a significant amount of
money.
What kills me is that people do not call the lawyer until the last minute. For instance they use their house to secure
debt that is otherwise unsecured. Later they find they have lost a valuable exemption under the law.
Here is the SIMPLE GUIDELINE. If you become worried about your bills sit down and make two lists. Income on the left
and expenses on the right. If the monthly expenses exceed the monthly income you are in trouble. Sure, you can rob
Peter to pay Paul, shift balances to cards with lower interest rates, borrow money from relatives and maybe even get
that 2nd mortgage on your house. Do not do these things before you talk to a lawyer with bankruptcy experience. Let
him or her give you guidance and learn your options BEFORE you decide on a course of action which could be a
disaster. Do not assume you know anything; especially if you research on the internet. Why? Because you get bits
and pieces of information but you do not get the "whole picture" for your situation. And you certainly do not get the
nuances of bankruptcy law. Do not be a "wise guy" call the lawyer.
GO TO:
WWW.GO13.COM