No One Really Wants to File Bankruptcy
Jan 18, 2013
Brandon, FL (Law Firm Newswire) January 17 , 2013 – No one really looks forward to filing for bankruptcy. Often it was the last choice the debtor had to make.
“Most people do not want to declare bankruptcy, and it is the last solution they turn to when all else fails,” said Reginald Osenton, a Brandon bankruptcy attorney.
Many Americans these days are all too familiar with bankruptcy, and have either filed for bankruptcy themselves or know others that have. Along with those stories come a number of rumors that are in direct conflict with reality.
People used to often think that those who filed for bankruptcy protection had no morals or ethics and that they were turning their back on debts, taking advantage of credit extended to them. The truth is that most try to salvage their financial situations by any means, with bankruptcy being the last resort. Even today, many individuals making the hard decision to file for bankruptcy protection do not realize the benefits of this process.
“Most try to cover their bills by using one credit card, then another, then using credit cards to pay off credit cards. It just gets away from them in a hurry, until they realize they can no longer keep up with the debt. What they do not realize at the time is that there is no sense in selling personal items or borrowing to pay bills, because they are likely still on the road to bankruptcy. This is why people in desperate financial situations need to consult with an experienced bankruptcy lawyer,” added Brandon bankruptcy attorney Osenton.
People also do not realize that when Congress enacted the bankruptcy exemption laws, they made allowances for Americans to protect some of their personal property. The debtor is not thrown out on the street and left to fend for themselves. There are numerous protections accorded them. For instance, if filing Chapter 7, there is the automatic stay, which kicks in on filing. It stops all legal actions initiated against the debtor, including most lawsuits, foreclosure, wage garnishment and repossession.
“It also stops all debt collection procedures, which is a huge relief to most debtors. If you don’t know what bankruptcy could do for your situation, ask a Brandon bankruptcy attorney to explain how it works,” suggested Osenton.
Osenton Law Office, PA
500 Lithia Pinecrest Road
Brandon, Florida 33511
Call: (813) 654-5777