Myths about Bankruptcy that Keep You from Protecting Yourself
There are many myths about bankruptcy. Many are perpetrated by the media but most come from the "stigma" that allegedly attaches to bankruptcy filers. In the difficult financial times in which we live, many individuals are suffering and have no way to save their homes other than to file bankruptcy. But the threat of the "stigma" sometimes leads them to other solutions that do not have any of the power of bankruptcy and often lead those individuals who are seeking help worse off than they would have been had they filed for bankruptcy in the first place. While we recognize that bankruptcy is not a perfect solution for some and an imperfect solution for others, it is clear that bankruptcy has the distinct advantage of being provided for by the U. S. Constitution and Congress and it provides a system of debt resolution that is monitored by the U.S. Bankruptcy Court and the Office of the U. S. Trustee, a division of the Department of Justice. No other debt resolution can claim to be as powerful or as protective of the debtor, as bankruptcy. Consequently we strongly recommend that anyone who is unable to pay their bills on a timely basis due to income loss, loss of a relative, lay off, or whatever, strongly consider bankruptcy as a solution to their problems. At a miminum, they should consult a bankruptcy practitioner and get the answers to their questions. Then the decision to like or not like bankruptcy or to want or to not want to file bankruptcy becomes an educated one. One which will best serve the debtor's purposes.
- This site and any information contained herein are intended for informational purposes only and should not be construed as legal advice. Bankruptcy laws in particular change frequently. Seek competent legal counsel for advice on any legal matter. If you need help with a Divorce Case please click here to consult with Ed Gudeman or a Bankruptcy Lawyer in your area.