Considering Bankruptcy? You're Not Alone.

The decision to file bankruptcy is a hard one to make. You're wondering how it will affect your future finances, but also what the decision will have on your reputation. Perhaps, you are considering the moral and ethical dimensions. If you are a person in recovery then you might be wondering if you will need to one day make amends and repay the debt that is discharged through bankruptcy. If you are in over your head, then bankruptcy might be the best option for bringing balance back to your financial life.

In the United States, over one and a half million families file consumer bankruptcy cases each year. Even large municipal governments, like Orange County California, have filed for bankruptcy.

Bankruptcy is one way to level the playing field between creditors and debtors. When a debtor is behind in payments, the creditor might charge a late fee and increase the interest rate. This can make it even harder for a debtor to catch up. Creditors sometimes are willing to negotiate better terms for a debtor to avoid a complete discharge of the debt through bankruptcy.

While it is possible for a debtor to file bankruptcy on their own ("pro se"), the 2005 Amendments to the Bankruptcy Code created new requirements that must be met. Improper filing may affect your rights. Assistance from a licensed and insured attorney is more important than ever. You can contact me at (323) 822-9422 or by email at link@link-schrader.com