Consumer Law

"Bankruptcy Is Not A Pizza"

By M. Stan Herring

The Bankruptcy Law Network has posted an article that discusses how each bankruptcy case is unique and you shouldn't go into an appointment with a bankruptcy attorney with the idea that it will be a remarkably easy, like ordering a pizza. Bankruptcy is a highly specialized area of law and if you fail to hire the right attorney or are filing yourself and unclear of some details you could lose basically everything.

People usually think that their bankruptcy case is simple, identical to every other bankruptcy case and will take no time at all to resolve. Every single bankruptcy case is unique. There might be similar characteristics between some, but there are always factors that make your case unique. These factors can make your case easier or harder, it just depends on your financial situation.

Rachel Lynn Foley, writer of the article, reminds readers considering bankruptcy that it's very important to take the time to carefully review your financial situation with your attorney. This is the time for you to be perfectly honest and forthcoming about all your assets, it's not the time to try and hide things from the trustees and creditors. You may end up having to pay back some or all of your debt, it just depends on your case.

Look at your financial situation from the flip side as a creditor. Let?s say the Joe Mokey owed you $10,000 and he did not live in Florida or Kansas. Now let?s say Joe owns a million dollar home free and clear. If Joe filed for bankruptcy and walked away debt free and still owning his million dollar home you would be very upset. Why? Because it is not fair or just under this situation that you are not paid but Joe gets to keep his million dollar home.

Your attorney will analyze your situation from the point of view of what will be a fair and realistic solution for you and the creditor, whereas the trustee will only analyze so things fall in their favor. Each bankruptcy should be analyzed from a trustee's point of view to anticipate any problems or situations that could come up.

Remember that knowledge is power and the more knowledge you have about filing bankruptcy the more power you will have to determine who is going to treat your case like making a pizza or who is going to take the time and talent to properly analyze your financial situation.

If you are interested in filing for bankruptcy and have questions or concerns, feel free to contact us through our website or by calling 205-879-2447.

You can join our Facebook Fan Page - Alabama Consumer Protection Attorneys where we share useful information about the same types of issues that we cover in this blog.

You can also sign up for our free email newsletter sent out every Thursday morning - we cover topics such as the one in this post. We would love to include you! Just fill out the form below:

Full post as published by Alabama Consumer Blog on October 09, 2010 (boomark / email).