Introduction to Bankruptcy

Introduction to Bankruptcy

Let’s first start with an introduction to bankruptcy. Bankruptcy has the ability to affect anyone’s emotions on multiple levels. It is the fear of the unknown. How will this affect your credit and which bankruptcy is right for me? Getting an introduction to bankruptcy is vital for understanding where to begin the bankruptcy process. If you are considering filing for bankruptcy you should be armed with as much knowledge on the subject you can find. First, what is a bankruptcy? A bankruptcy is a legal status of a person or entity, that cannot repay their debt they owe to their lenders. A bankruptcy can by imposed on an individual or entity by a court order, often started by the debtor.

Introduction

Nobody wants to see a bankruptcy attorney. It is often the hardest decision that potential clients have to make. The acknowledgment that finances have become out of control often leads to anxiety and depression for individuals, and strains relationships. The truth of the matter is however, that the decision to investigate the bankruptcy process often proves to be a liberating experience as well as a practical method to regain control of a person’s financial situation.

There are any number of good reasons why people get into financial difficulty. People suffer injuries or illness, go through a divorce, lose a job, experience a business failure, or are laid off. Improvident credit card spending can also lead to a situation where current monthly income is not sufficient to meet monthly expenses. However, other than advancing the proposition that one’s first obligation is to you and your family before your credit card obligations, and that it does not make sense to have to grow reliant on food stamps or aid for dependent children in order to pay your credit card bill. I am not nearly as concerned with how potential clients got into debt as I am concerned by what they are going to do about it. I don’t want my clients looking over their shoulder. I want them focused on what’s ahead, and how they can help themselves and their families.

Please keep tuned to our website as I will be expanding on the entire bankruptcy process over the next coming months from start to finish. Remember if you have any questions please contact our office below:

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By: Joel S. Treuhaft, Esquire