Business Insider has a profile on a Michigan bankruptcy filer. The woman profiled hired a bankruptcy attorney in 2008 to help resolve her debts. She felt bad about her decision to file, but could not afford to repay. After meeting with a bankruptcy attorney, she came to the decision that it was the best choice for her and her family as she could not afford to repay her debts.
The bankruptcy filer’s debts came mainly from one surgery and credit cards incurred after she had been off work for a long period of time.
As bankruptcy lawyers, we see everyday individuals who fall into debt when life’s upheavals take place despite good intentions. Many of our clients have debts from co-signing for friends or family, medical bills for expensive procedures, and existing credit card debt that is almost impossible to pay off due to interest rates. Bankruptcy attorneys can attest that many filers have paid in an amount equal to their credit card balance but due to interest charges, have removed little from the principal.
Your bankruptcy attorney should not only help you draft your bankruptcy case, but also help plan moving forward. We take that opportunity as bankruptcy lawyers seriously and work to make sure that our clients not only complete their bankruptcy case successfully, but also learn how to rebuild their credit and stay out of debt.
As bankruptcy attorneys, we also make ourselves available for our clients calls even after the case is closed out to make sure that their credit rating and financial circumstances will improve.
When discussing bankruptcy with an attorney, a potential filer should make sure to ask four important questions:
1. Is it right for me to file bankruptcy given the amount and type of debt?
2. What potential exposure or downside might I or my family by filing bankruptcy?
3. What steps can I take to make sure I do not end up back in this situation and rebuild my credit?
4. Can I contact you (not your paralegal or secretary) if I have any other questions or issues throughout this process?
If your bankruptcy attorney cannot answer these questions, or answers them in a way that makes you feel uncomfortable, you should look for someone who can answer these in a manner fitting for you.
As bankruptcy lawyers, our most valuable asset is experience and communication to our clients to make sure their case is successful at court and in life after.
For Tennille Flowers, walking into bankruptcy court was one of the scariest moments of her life.
Flowers, a 36-year-old stay-at-home mom of two living in Michigan, filed for Chapter 7 bankruptcy in 2008 to alleviate about $20,000 worth of debt.
Her debt, not counting the $12,000 of federal student loans that wouldn’t be eliminated by the proceedings, included about $15,000 of medical debt from an emergency appendectomy and about $6,000 of credit card debt she’d accumulated after going through a major car accident that left her without a way to get to work or pay her bills.
“My accounts were in collections by the time I filed,” Flowers says. She was getting calls from debt collectors, some of whom were resorting to intimidation.
“That’s pretty scary, having someone on the other end of the phone yelling at you in a situation where you feel like there’s nothing you can do, and you’re trying your best and it’s not enough,” she says. “A couple times they brought me to tears. That entire period of time, you feel like you’re walking on needles because you’re emotionally frazzled.”
Read more: http://www.businessinsider.com/lessons-from-declaring-bankruptcy-2015-7#ixzz3gdyUbGF6
