Bankruptcy

No Easy Bankruptcy Filings After 2005; But Sometimes Bankruptcy Beats the Alternatives

By Joseph McDaniel, Esq.

On the other hand, getting older beats the alternatives, as I point out in my health blog of the same name.

Bankruptcy, post 2005 amendments, is similar.

It's no fun. Really. Am I sugar-coating this?

Bankruptcy involves a process that nobody likes, and that includes making complete lists of what you owe and what you have, and being held to a very high standard indeed as to completeness and honesty, and the anxiety-provoking first meeting of creditors.

But even though bankruptcy is no fun, it sometimes beats the alternatives.

Actually, most people wait far too long before consulting a board-certified, AV rated, AVVO 10 bankruptcy lawyer in Arizona. I talked recently to a very nice, very smart couple with five children who defined hard working: "after his lung collapsed, I made him quit his second job".

They're going to experience bankruptcy as a relief, and their fresh start may let them spend more time together and with their kids; and that's a good thing.

But remember. Bankruptcy is no fun, and you have to understand that as you make a decision to file a bankruptcy. But often, in this economy, there are no effective non-bankruptcy alternatives, and although bankruptcy may hurt (like a penicillin shot), sometimes it is the best alternative and the best choice for you.

Here's a scary video that's probably a little too scary; I just want my clients to know that it's not much fun, so they don't think I sweet-talked 'em into filing.

NOTHING HERE CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12. FIND AN ARIZONA BANKRUPTCY LAWYER WHO IS BOARD CERTIFIED IN BANKRUPTCY LAW, AV RATED, AVVO 10 RATED, ON SUPERLAWYERS, OR JUST VERY EXPERIENCED AND A FORMER CHAIR OF SOME BANKRUPTCY SECTION OR COMMITTEE. NOTHING HERE MAY BE USED AS LEGAL ADVICE IN CONNECTION WITH ANY BANKRUPTCY, WHETHER THAT BANKRUPTCY IS IN PHOENIX, GLENDALE, TEMPE, MESA, SCOTTSDALE, OR ANYWHERE ELSE.

Full post as published by Arizona Bankruptcy Attorney Blog on August 25, 2010 (boomark / email).