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Is Filing For Bankruptcy Better Than The Alternatives?


Certain corners of the Internet extol the virtues of living debt-free, but they can come across as smug to anyone who has ever walked in your shoes.  Most of the denizens who inhabit the debt-free message boards live in parts of the country that are much less expensive than South Florida.  Most of them are in good health, and their employment income only has to support the debt-free blogger himself and his minor children.  When chronic pain has forced you to work only one job instead of three, you are paying child support to your children from your first marriage, and you and your current spouse are the only income earners in a household that includes your children from your current marriage plus your in-laws, and you send remittances to your own parents, debt free sounds like a pipe dream.  Bankruptcy could be the best way to stop creditors from harassing you and could free up funds for your most important obligations, such as paying your mortgage and child support.  To find out if filing for bankruptcy protection is right for you, contact a Jupiter chapter 7 bankruptcy lawyer.

Bankruptcy Is Like Getting a Divorce From Your Creditors

Filing for bankruptcy protection can help you make a clean break with all your creditors.  Just as a couple whose relationship has gone bad can resolve all their issues about finances and parenting time in divorce court, communicating through their lawyers if necessary, instead of having to fight about every little thing, filing for bankruptcy and enlisting the help of a bankruptcy lawyer can help you avoid unnecessary stress when parting ways with your creditors.

It is possible to negotiate with each creditor individually to settle your debts with them or extend the term of repayment, but it is a lot of stress and arguing.  When you file for bankruptcy, all you have to do is tell the court the truth about your income, assets, debts, and expenses, and the court does the rest.  That is all it takes to make some of your debts disappear.

Bankruptcy Is Better Than Wage Garnishment or Foreclosure

Creditor harassment is some people’s motivation for filing for bankruptcy protection, but it is not everyone’s.  Some people file for bankruptcy because they are in immediate danger of losing an important asset or source of income if the bankruptcy court doesn’t tell their B-list creditors to get lost.  For example, if your ex-spouse is threatening to garnish your paychecks to satisfy unpaid child support obligations, it is better to discharge some other debts in bankruptcy to free up funds to pay child support.  Likewise, if it is a choice between keeping your house (but losing some other assets) in chapter 7 bankruptcy or losing your house in foreclosure, bankruptcy is a better choice.

Contact a South Florida Bankruptcy Lawyer About Bankruptcy as a Path to Debt Relief

A chapter 7 bankruptcy lawyer can help you file for bankruptcy protection with as little disruption to your lifestyle as possible.  Contact Nowack & Olson, PLLC in Jupiter, Florida to discuss your case.

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