Welke Law Firm
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Stay up to date with whats happening at the Welke Law Firm and let us help educate you on bankruptcy and family law issues. 

Is Bankruptcy The End of Your Life?

Banks would certainly have you think so. They stand to lose if you declare bankruptcy, so they put big money into prodding you into very expensive alternatives. Although you should certainly pay bills when you can, in some cases, bankruptcy is the better choice. The laws wouldn't be there if they were not meant to be used!

What does bankruptcy REALLY do?

Take the propaganda from the banks out of the picture, and you are left with what bankruptcy actually is - a fresh start. By clearing out previous debts, you gain the ability to build finances towards a more stable future. You also relieve yourself of the legal pressure that comes with being too far in debt. You may be facing worse than interest payments if you do not take care of your financial responsibilities in a timely manner, and bankruptcy should never be off the table.

How do you go about considering bankruptcy?

Bankruptcy can be used as an indirect tool for leverage as well as a direct tool that will protect you financially and legally. The concept was invented to protect the individual sanctity of borrowers who borrow in good faith. As long as you can show your intent to borrow in good faith, you have the law on your side. Consider how you will use bankruptcy carefully and in tandem with all of your other financial options for best results. Keep in mind that there is absolutely nothing wrong with filing bankruptcy, either legally or ethically.

The decision to move into a bankruptcy proceeding is a serious one, and deserves professional legal consideration. Make sure that you consult with an attorney who is familiar with the entire process of bankruptcy before committing yourself to it. However, look forward to a new light at the end of the tunnel when you make the decision with the right help!

 

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