Bankruptcy Basics

What Is Bankruptcy?

You should NOT be afraid of bankruptcy laws and eliminating debt. What you SHOULD be afraid of is having NO SAVINGS, NO MONEY left after each paycheck, getting harassed or having your pay garnished at work, and getting fired. Many employers do not want to deal with an employee being garnished and may look for any excuse to fire you once your wages are being garnished.

Get a Fresh Start

We no longer have debtors’ prisons but many people feel they are imprisoned by their debts AND by the creditors who endlessly harass them. Believe it or not, if you cannot pay your debts, creditors usually prefer you file bankruptcy! This is because they cannot write off a debt and get the tax savings unless you file bankruptcy OR unless they hound you for YEARS!

Keep Your Possessions

Bankruptcy is FEDERAL LAW that allows everyone to get a fresh start if they have more debt than they can handle. It allows you to eliminate or reorganize debt without losing possessions. Most people are very confused about what Bankruptcy involves, and many have heard horrible misstatements about Bankruptcy Law. The cold, hard truth is that most people keep all of their possessions – EVEN HOUSES AND CARS. The Bankruptcy laws are designed to alleviate the pressure of your debts and make your life better. We will NOT take your case if Bankruptcy is not going to improve your situation! We have turned down many cases where the people had better nonbankruptcy options available.

Learn more about bankruptcy by reviewing the following:

  • Bankruptcy Practice Center
  • Chapter 7
  • Chapter 13
  • Exempt Property
  • Houses & Cars
  • Taxes & Student Loans
  • Bankruptcy Reform
  • Should I file Bankruptcy?
  • Budgeting and Credit Reports
  • Bankruptcy Myths

David S. Osterman 603-626-5452