Julian Credit Management is a non-profit, nationwide
debt consolidation and credit counseling organization, located in Central Florida.
Our dedicated counselors can help you restructure your bills
and make a payment plan that can cut years and thousands
of dollars off your long-term debts like credit cards, mortgages, and other loans.
Our debt management program can help you repay your debts:
We help you establish a spending plan, determine your financial options,
save money on interest and late fees, get your creditors off your back,
and provide you with useful information.
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Bankruptcy! A word that naturally strikes fear in all of us but due to the current state of the economy; filing for bankruptcy is becoming more of a rationale choice these days and less of an unreasonable option driven by fear. It is also a word, which given proper legal counsel, could offer one a fresh financial start in life and most importantly, an optimistic state of mind.
As a paralegal with Jay M. Weller, P.A., there have been countless occasions in which I have had clients ask me:
Let's examine this question more closely and after reading this article, hopefully, I will have shed some insight into why I believe bankruptcy is a taboo word no longer! But, before we do, if filing for bankruptcy is something that you are considering; you are not alone!
Did you know, according to the U.S. Department of Justice, bankruptcy filings in the United States have risen and fell, with the increases being greater than decreases, so that filings have grown overall from about 110,000 in 1960, to over 1.6 million in 2003? Wow! That's almost 1.5 million more people filing in 2003 than in 1960! Furthermore, bankruptcy in the United States has increased 71% from 1992 to 2003.
It does not take a rocket scientist figure out why bankruptcy filings are on the rise. We all know the current economy rises and falls like a roller coaster and that divorce rates are at all-time highs, lending to the many reasons why people file for bankruptcy.
The main purpose of this article, based on my experiences as a paralegal, is to offer moral advice as it relates to the aforementioned question and not actual bankruptcy law; one of our excellent attorneys here at Jay M. Weller, P.A. can help you with that.
Now, let's tackle this question: Morally, most of us feel an internal obligation to pay our creditors back. Depending on which personal bankruptcy you file, whether it is a Chapter 7 or 13, sometimes our stomach churns at the thought of "taking the easy way out" by having our creditors liquidated or having them reduced by a certain percentage. But, as those statistics stated earlier, you are not alone.
Imagine this scenario, a situation that I have heard from clients on numerous occasions:
You had perfect credit, you were laid off, and you are qualified but simply cannot find
work.
Meanwhile, your $25,000 in credit card debt is mounting and as a result, your paying not only late fees but higher interest rates.
In addition, you have everyday household expenses that need to be paid; the snowball effect ensues.
The question is: what do you do now?
Let's say after receiving legal counsel from our office, it is decided that filing for bankruptcy is right for you. I understand that you have an internal obligation to pay your creditors but let me ask you this; what if the ability to file for bankruptcy never existed or if Congress enacted a measure prohibiting the ability to file; what course of action would you take now?
I am not saying filing for bankruptcy is the only option but a viable one that should be explored with an attorney and an alternative that should not be feared.
In life, satisfying our moral obligations is only natural and it is understandable why one would want to pay back all their debts but filing for bankruptcy could offer you an optimistic state of mind and as a result of a fluctuating economy, an option that is a taboo word no longer!
Julian Credit Management is a firm that practices exclusively in the area of Bankruptcy and Debt Consolidation and has offices in Clearwater (Pinellas County), Port Richey (Pasco County), Tampa (Hillsborough County), Lakeland (Polk County) and Orlando (Orange County). We represent persons throughout the State of Florida.
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