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Finding Hope When You File Bankruptcy
from:When you decide to file bankruptcy, it usually means your financial situation looks hopeless. Despite what many people think, there is no shame in needing a second chance for a secure financial future. Bad things can happen to good people as the saying goes. In addition, sometimes people simply make poor financial decisions, and the result is they find themselves stuck in a financial morass.
The purpose of the bankruptcy laws is to legally give people that second chance they seek. Anyone who has fallen behind in payments knows that creditors can be diligent and persistent when it comes to collecting their money. Many of your creditors have large and powerful legal teams also that spend all of their time sending collection notices and filing lawsuits. When these kinds of debt collection tactics accelerate, the misery it creates can be devastating. This misery doesn’t just impact your finances, but it can also affect your work and your relationships.
So for many the decision to file bankruptcy is initially one of desperation. But once you meet with the attorney and complete the initial financial assessment forms, the first glimmer of hope is felt. When the bankruptcy notice is actually filed in court, the hope takes hold and becomes one of relief. With the filing comes a cessation of collections efforts enabling you to live a normal life once more.
If you see yourself in this scenario then it is time to consult with a bankruptcy attorney. The bankruptcy attorney specializes in filing bankruptcies under the various chapters and is an expert in the complexities of the law. At some point, you will have to meet with the court appointed trustee, but for most of the process your attorney takes care of any court required appearances and all of the process forms.
Filing bankruptcy is a powerful means of solving debt burdens that you incurred for a variety of reasons. The purpose of bankruptcy is not to enable people to avoid paying their debt, but rather to give people a means of eliminating debt that there is no hope of paying. In fact, chapter 13 requires a payment schedule be established in cases where people are able to pay off some of their debts generally within 5 years.
If you believe you should file bankruptcy, the first step is to consult with an attorney. The attorney will be able to tell you quickly whether you will qualify for filing under the bankruptcy laws. The bankruptcy is for honest people who have made honest mistakes. In some situations the debt is the result of unforeseen circumstances such as hospitalization, death or even a natural disaster.
When it’s time to file bankruptcy, the first thing you will discover is that hope is restored in your life. Everyone deserves a second chance in life!
New Bankruptcy Law News
Departures leave Dewey a shell of its former self
NEW YORK (Reuters) - Seventeen more partners at Dewey & LeBoeuf announced their departure on Monday, as the failing law firm considered filing for bankruptcy. Rival law firm Proskauer Rose said it was bringing in four partners, including Ralph Ferrara, a vice chairman at Dewey and former general counsel of the U.S. Securities and Exchange Commission. Duane Morris, another law firm, said it was ...
Read more...Law Firm News - Bankruptcy Attorneys Join Adams and Reese Tampa Office
20 May 2012 - Adams and Reese LLP is pleased to announce the addition of Partner Lynn Welter Sherman and Special Counsel Tiffany DiIorio, both previously creditors’ rights and bankruptcy attorneys with the law firm of Shutts & Bowen.
Read more...UAE close to finalising new bankruptcy law
Justice Minister says draft of legislation should be ready by the end of this year
Read more...Advantage CCS is Proud to Offer a Telephone Bankruptcy Education Class for Consumers in Need of a Pre-Discharge ...
Consumers that need to take a pre-discharge bankruptcy education class to fulfill a requirement of the Federal Bankruptcy Law, can now do so through a telephone class offered by Advantage Consumer Credit Counseling Service, Inc. in all 50 states; excluding Alabama, North Carolina and Oregon.Pittsburgh, PA (PRWEB) May 21, 2012 Advantage CCS is excited to announce a new telephone service that will ...
Read more...Dewey to consider bankruptcy filing: source
NEW YORK (Reuters) - Ailing law firm Dewey & LeBoeuf is considering a bankruptcy filing as new debtholders take a more aggressive track, shifting away from earlier attempts at an out-of-court liquidation, a person familiar with the matter said on Friday. The majority of Dewey's partners have quit as a result of concerns about compensation, and $225 million in bank loans and bond debt. ...
Read more...REFILE-Dewey to consider bankruptcy filing - source
(Corrects month in which Dewey partner said no plans forbankruptcy to May from March in paragraph 13 of story publishedMay 18) * New crop of creditors pressuring Dewey to seek bankruptcy- source * Creditors ...
Read more...Homeowners Consumer Center Urges Bankruptcy Attorneys in Any US City with a Population of More Than 50,000 to Join ...
The Homeowners Consumer Center is strongly encouraging bankruptcy law firms, or bankruptcy attorneys in every major metropolitan area, and every US state to join in their vital national initiative focused on getting millions of struggling US homeowners to a competent attorney. The Homeowners Consumer Center says, "At this moment we have millions of US homeowners, who need to a competent ...
Read more...The Bankruptcy “Reforms” of 2005: Creation of a New Debtor’s Prison?
An article by law professor Linda Coco, "Debtor’s Prison in the Neoliberal State: 'Debtfare' and the Cultural Logics of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005," (hat tip Michael Hudson) is a an informative, if disheartening, overview of the significance of the bankruptcy law reforms implemented in 2005. One might cynically observe that after 25 years of making it ...
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