Description
If you are being hounded by debt collectors and considering bankruptcy, you may want to think again. This report helps guide you through the analysis.
Bankruptcy as a Solution to Debt
There are two kinds of bankruptcy, practically speaking, for typical consumers: “liquidation bankruptcy” and “wage-earner” bankruptcy. In both cases, a few assets are exempted from the proceedings, and the rest of what you own is put into an “estate” that is administered by the bankruptcy court. People facing the calls and harassment of many debt collectors sometimes declare bankruptcy as a means of escape. But does it work?
In this report we discuss what bankruptcy can do for you and also what it cannot, or usually doesn’t, do. This is a frank examination of the process that will provide you information that someone you’re consulting for bankruptcy may not know – or may not want to give. After reading this, you will know what questions you should ask the bankruptcy lawyer, and you will be in a much better position to decide whether it is right for you.
Bankruptcy law has changed over the years, and on the whole it has gotten a lot less helpful. We at Your Legal Leg Up are frankly skeptical about whether it is ever a wise choice anymore. Remember this, though: if you have no assets and no appreciable income other than Social Security or bare minimum necessary to survive, bankruptcy will NOT help you. You’re already what they call “judgment proof,” meaning that can’t get anything from you anyway. Bankruptcy is not for when you’re desperate, then, but rather when things start looking up. And it can erase judgments as well as other debts. This report will help you figure out whether bankruptcy is right for you where you are.
