THE BANKRUPTCY CODE IS THERE TO HELP YOU
Bankruptcy misconceptions often keep people from getting the debt relief and help they need. The concept of forgiving debts is recognized in the Old Testament (Deuteronomy 15:1-2) and the founding fathers enabled the federal government to establish bankruptcy laws in the United States Constitution.
Bankruptcy laws exist because people run into unforeseen difficulties, and they need and deserve another opportunity to start over financially. At the law firm of Scheier Katin & Epstein, P.C. can answer your questions.
But won’t I be ruined for life? No. For one thing, being in financial trouble does not make you unique.There are many people facing the same types of problems you are facing. The alternative to bankruptcy for most of them is staying in debt – debt they can never hope to pay-with no hope of restoring credit.
Will I ever be able to buy a house? After your bankruptcy is complete, most of your old debts will be forgiven. You can then start to rebuild your credit. This will take time, maybe as many as 10 years, but a bankruptcy gives you a definitive starting date. New creditors will see that you have no outstanding debt.
What will people think? Most thoughtful people know that un-payable debt is a part of life. They know that circumstances can force almost anyone into a difficult financial corner. Filing for bankruptcy means you have decided to take control of a very difficult problem and solve it.
What if I use my retirement funds to pay off debt? In a bankruptcy, you are allowed to keep most, if not all, of your retirement funds. Before using your retirement savings or pension to pay credit card debt, you should know your rights. You have your future to think about.
Can I wait? While you wait, the bill collections will continue, the uncertainty of repossession or foreclosure will continue and your financial problems will grow. You should not hesitate to learn about your remedies even if you decide to “ride out the storm.”
It is hard to realize when you are deeply in debt that there is a way out, that there is a time-honored way to deal with an impossible financial situation, and that you really can have a fresh start. Get the facts from an experienced bankruptcy attorney. Contact us and let us know your circumstances and help you develop a plan for dealing with them.