If you are struggling with debt problems of any kind, you will feel better after you speak with an experienced bankruptcy lawyer
Our bankruptcy lawyers have represented clients from literally all walks of life. Our clients include doctors, lawyers, school teachers, government employees, police officers, firemen, factory workers, salespeople, service industry employees, and even collection agents (ironically, for all the harassment they cause people with debt problems, collection agents often are paid so little that they cannot pay their own debts).
Many of our Chapter 13 and Chapter 7 clients are referred to us by other attorneys and clients because they know that the people they send us will be treated with dignity, compassion and professionalism. We realize that most people try to resolve their debt problems on their own (for example, by enrolling in credit counseling or debt settlement programs) before talking to a bankruptcy attorney. However, if you are confronted by financial problems, you should learn more about the bankruptcy process before making any final decisions.
We believe strongly in the bankruptcy process. In our opinion, it simply is not true that bankruptcy hurts the economy. In fact, we believe the opposite to be true. When people are just making minimum payments on their credit cards, they are doing nothing but putting interest payments in the hands of the shareholders who own the credit card companies. Basically, they are making the rich even richer.
Millions of Americans struggle with debt problems, and in a large percentage of cases, it is not their fault
In some cases, the need to file bankruptcy is caused directly or indirectly by a life altering event, such as job loss, illness or divorce. In other cases, there may indeed be some element of financial mismanagement, which is in large part caused by the lack of adequate financial education at the high school and college level.
In our opinion, the accumulation of credit card debt is very much the fault of the credit card companies that mislead people into believing that they are financially solvent if they are able to make minimum payments on credit cards. Although credit card companies are required to disclose on monthly billing statements how long it will take to pay off the debt with just minimum payments, these companies do not stop you from incurring debt or cut you off from their credit lines until you max them out (or nearly max them out), and by then, it’s almost a hopeless battle, with default rates as high as 30%. Very few people incur debt at typical 20% credit card interest rates unless their backs are against the wall. The reality is that a person who can only afford minimum payments is probably no more than just a few paychecks away from bankruptcy.
The statistics we have studied show that for every person who files bankruptcy, there may be dozens of other people who have significant financial problems. One study showed that 50% of Americans consider themselves “broke.” If this statistic is accurate, then the ratio of “broke” Americans to “bankrupt” Americans is actually 500:1 based on nearly 500,000 or more people filing bankruptcy per year and an adult population of 250 million.
Do not be embarrassed about your debts
It is much more important that you learn from your mistakes than torment yourself for them. You are legally and morally entitled to be relieved of your debt when you cannot pay it. That is why the bankruptcy laws — guaranteed by the United States Constitution — exist. Let us help you use the bankruptcy laws to help you move forward in your life.