San Jose Bankruptcy Attorney Talks About Bankruptcy Morals
San Jose Bankruptcy Attorney Talks About Bankruptcy Morals
Prior to filing for bankruptcy, many debtors agonize if bankruptcy is the proper course of action. Specifically, the debtors believe that since they owe the money, they should not be let off the hook so easily. There are two main problems in this line of thinking.
The first problem is believing that Bankruptcy is easy. Bankruptcy is not easy or else debtors would not need a lawyer to get them through the process. Bankruptcy, a right granted by the Federal government, is so complicated that unrepresented debtors are often given a special book of instructions and/or video instructions on how to get through a bankruptcy. The rules are so complex that a whole branch of the government (the US Trustee’s Office) is employed to verify and approve all bankruptcies before they reach the judge. Special trustees are hired to just to pursue debtor’s assets. The bankruptcy petition has over 10 schedules and an additional “means test” for qualification. Creditors are required to have notice and mandatory time limits in which they can challenge a bankruptcy. These are all real and explicit hurdles meant to prevent a debtor from obtaining a discharge in bankruptcy and weed out the people who do not qualify. Bankruptcy is not easy and was not designed to be easy. However, it was designed to be consistent which is why an experienced bankruptcy attorney can navigate the complicated waters and make it seem easy to an untrained debtor.
The second problem is believing that the debtor is being let off easy. By the time most debtors consider bankruptcy, they are tens of thousands of dollars into debt. The debtors are facing foreclosure of their homes or repossessions of their vehicles. The debtors are may have lawsuits where they have become legally liable for money without ever having been to court. Most debtors have been struggling for months if not years to pay their debts and just cannot afford to do so anymore. If a debtor is making the hard choice of paying for rent or buying food instead of paying off a credit card’s 22% interest, then there is nothing easy about the debtor’s life. While it is true that a bankruptcy may erase one’s debt, the amount of agony, stress, and anxiety that a debtor faced getting to the situation is not something anybody would want to go through. Most debtors, by the time they realize bankruptcy is their only solution, owe mainly interest on debt already paid or have property they can no longer afford. There is little reason to keep paying these debts if the debtor can never pay it back. That would be similar to indentured servitude. Therefore, for the few that are willing to ask the government for help by filing for bankruptcy, they are not getting off easy. They are ending the nightmare. If you need more information about asset protection or need bankruptcy FAQ's please contact Sagaria Law today.
If you believe you need a bankruptcy attorney, please consider calling Sagaria Law for a consultation at 1-800-941-6730.
