Is bankruptcy right for me?
Some people would rather drown in a sea of debt than file for bankruptcy. While most people want to pay their debts, there ultimately comes a point when the burden of debt begins to harm you and your family.
How did I get to this point?
Often debt that was manageable becomes unmanageable after the loss of a job. Even if you find a new job you may have fallen behind on your bills while you were searching. It may be that your income is now lower than it was before and you simply can’t keep up with your debt obligations. Many individuals face difficulty with debt after a medical emergency and the lost pay and high medical bills that go along with such an event. Some face financial stress as their family situation changes, either through separation or divorce. Perhaps it is a business failure that leads to overwhelming obligations. For many, debt simply accumulates over time, but finally grows to the point that it is no longer manageable.
Some signs that your debt has become unmanageable may include:
Creditors call you at home and work about payments. You have collection lawsuits against you. You routinely use one credit card to pay another. You have fallen behind on house payments. Your wages are being garnished. Your car is about to be repossessed. You find yourself regularly renewing payday loans. Your household utilities are about to be disconnected. You continue to pay your debts but the balances never come down.
You are not alone
Many worry about the social stigma associated with bankruptcy. Recently we have even heard the term used to attack presidential candidate, Donald Trump. The reality is that around one million Americans rely on the protection of the bankruptcy act every year. Many of these filers are famous stars including: Marvin Gaye, Merle Haggard, Wayne Newton, Meat Loaf, Cyndi Lauper, MC Hammer, Eddie Montgomery, La Toya Jackson, Gary Busey, Kim Basinger, Vince McMahon, Francis Ford Coppola, Stan Lee, Larry King, Mike Tyson, Lenny Dykstra, Curt Schilling, Mark Twain, and Walt Disney. You might be surprised to learn that President Abraham Lincoln filed for bankruptcy protection in 1833. President Ulysses S. Grant sought bankruptcy protection 1884. Why do I bring this up? Simply to let you know that you are not alone.
Is bankruptcy ethical?
While some see bankruptcy as a bad thing, the founding fathers of the United States had a different idea. The authors of the United States Constitution gave Congress the power to create a uniform set of bankruptcy laws. Over time these bankruptcy laws have encouraged commerce, entrepreneurial enterprise, and have helped lead to the overall prosperity of the United States of America. We can see this age old ideal of routine debt forgiveness going back to Biblical times. Leviticus 25:39, Deuteronomy 15:1-2.
Making a decision
Fortunately, our bankruptcy laws provide a formal legal system to lessen the hardships faced by honest but unfortunate debtors and their families. While you ultimately must decide whether the hardships of not filing outweigh your concerns, I can help you make a more informed decision by letting you know your legal rights. Please feel free to contact me for a free and confidential consultation to discuss your unique situation. To schedule an initial free and confidential consultation to discuss your particular situation call 601-853-9966.
Here are some other things to consider about bankruptcy.
Notice required by 11 U.S.C. § 528 (b): We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.