Bankruptcy Overview

 

Even the thought of Bankruptcy can strike fear and panic in our hearts.

But filing for Bankruptcy should not create a moral or ethical dilemma.

Most of us were raised to turn out the lights when we leave the room and to shut the door and not let the cold air out.

More importantly, it was instilled in us that if you borrow a penny, you pay it back. Even if you have to walk 10 miles to do it…barefoot…in the snow…and its uphill both ways.

Also, for many of us in a debt crisis and in order to avoid Bankruptcy, we’ve used one credit card to pay for another until they’re maxed out. We borrowed from family and friends and retirement accounts until those accounts were empty and no one will return our calls. But by now, we’ve stopped answering our phone anyway, because too many creditors are calling.

Until finally, in desperation and despair we realize that no matter how we were raised, whatever our values, and despite our most heroic efforts to get a handle on our debt, it is not working. The balances go up every month. Creditors keep calling. We run the risk of foreclosure.

At this point, whether you talk to a Bankruptcy lawyer, use a calculator, an accountant, or a spreadsheet, we come to realize that the decision to file Bankruptcy is a business decision.

On April 20, 2005, then President George W. Bush signed into law, The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. Known as BAPCPA or simply the New Act, it is the latest version of Federal Bankruptcy Law, which began in 1800.

The Supreme Court Of the United States stated that “The principal purpose of the Bankruptcy Code is to grant a ‘fresh start’ to the ‘honest but unfortunate debtor’.

Don’t let anyone guilt you out of your Federal rights.

The real question is not whether you are doing something wrong. It is which Chapter is right for me. Usually, the answer will be Chapter 7 or Chapter 13.

When you schedule your free consultation, you’ll meet with a lawyer. We’ll spend time with you and answer the questions most  important to your situation. We’ll see to it that you have a clear understanding of Bankruptcy law allowing you to make informed decisions about filing. Or you can spend the same hour on the internet reading Frequently Asked Questions.

 

We are a debt relief agency. We help people file for bankruptcy under the United States Bankruptcy Code.