Law Offices of David Freydin Articles Is Filing for Bankruptcy Moral?

Is Filing for Bankruptcy Moral?

By Glanzer & Associates, P.C.  Sep. 13, 2011 2:08p

Most people want to pay their debts and attempt to live within a budget, but sometimes the unexpected happens and plans have to be adjusted. In today's uncertain economy, things can change overnight. You may receive a notice from your employer at any time that pay cuts are being implemented or you may get notice that your job is being terminated altogether, and the stress sets in. How will you pay your bills? You may have to start using credit cards (assuming you have some) more often in hopes of finding solutions to your financial difficulties. Meanwhile, the debt starts piling up.

You may begin to lose sleep, family arguments may become a frequent occurrence and you might even fall ill from the added stress. Creditors will start calling and fears of repossession may start to invade your thoughts; you may wonder how would life be without your car or your home? When circumstances get overwhelming, sometimes bankruptcy is the best answer in order to obtain a fresh start. It becomes a more viable and ethical solution than losing almost everything and causing untold upset for the entire family leaving you with a feeling that you failed.

Creditors May be Happy You Filed

Many companies have a "loss reserve" set up for people who wind up being unable to pay them. If you do file for bankruptcy, they are able by law to see what your assets and income are, to see if there is any opportunity to collect. Additionally, they can now see that you have taken some form of responsibility to try to resolve your financial situation and are not going to waste their time or money any longer with collection actions. If there is money from your bankruptcy to pay them, it will be settled at the appropriate time.

Are you feeling overwhelmed with debt?

If you are feeling overwhelmed with debt and don't know exactly what action you should take, contact a Chicago bankruptcy lawyer for legal advice. At Glanzer & Associates, we realize that everyone's financial situation is different and each one will have a different solution. We can offer you some immediate peace of mind by directing you toward the best solution tailored to resolving your current financial situation; this alone can bring great comfort. We can arrange a free no-obligation consultation to go over the details of your situation in confidence. Financial stability can be in your future.

Contact a Chicago bankruptcy attorney at our firm to set up a consultation today.

Other Recent Articles

Medical Bills Will Push Many Households into Bankruptcy

NBC Business News reported last month that soaring medical costs is a top factor in why many individuals and families in the U.S. seek bankruptcy protection.
More Articles »

Lien Stripping Through a Chapter 13 Bankruptcy

Lien stripping is the process by which a second mortgage may be eliminated for certain homeowners through the Chapter 13 bankruptcy process.
More Articles »

Repeat Bankruptcy Filers Increasing

In a report published by the Albuquerque Journal, Americans filing for personal bankruptcies in the past few years are doing so with less debt and less assets.
More Articles »
(312) 544-0365
101 W. Grand Avenue, Suite 200 Suite 200
Chicago, IL 60654

Office Hours:
Mon-Fri 9 AM-5 PM

Main Website:
View Website
Contact our office by email or phone instantly by clicking the options below: