What You Should Know About Bankruptcy
Why do we have bankruptcy laws?
Our founding fathers established bankruptcy laws in reaction to harsh British practices in the 1700′s, whereby people unable to repay their debts were thrown in jail, sometimes for life, with little hope of redemption.
Our bankruptcy system recognizes that severe financial problems can happen to anyone, often due to unforeseen circumstances such as medical illness, divorce, unemployment, or other personal problems. Bankruptcy is a humanitarian way for people to get back on their feet and re-establish their lives. Most people who have gone through bankruptcy have used their fresh start to become productive, contributing members of society.
The hardest thing about filing bankruptcy is realizing that you have a problem, and taking the first step to solve it. Since you are reading this page, you have already done that! The next step is to call our office and set up a free consultation with Attorney Gindes. We know it can be difficult and embarrassing to talk about your financial problems, but we assure you that almost everyone who meets with Attorney Gindes leaves our office feeling better.
If your debt is affecting your life, call us. Bankruptcy can be an important step to re-establishing both your credit and your sanity. You have the right to a second chance!
What if I want to buy a house or a car in the future?
People who have been through bankruptcy can almost always get a mortgage, buy a car, or get credit cards within one to five years of their bankruptcy, if not sooner. The specifics depend on your circumstances. We have yet to hear of a client who could not get some type of credit card soon after bankruptcy.
What about those commercials that claim they can consolidate my debts and avoid bankruptcy?
Most of those “non-profit” companies are funded by the credit card industry. Their goal may be to talk you out of bankruptcy, so that the credit card companies don’t lose money. These outfits will not erase your debt. The repayment plans they propose do work for some people, but many clients come to us after months and months of making large payments to these companies, no better off than they were to begin with.
Our advice is to talk to these companies if you want to, but then give us a call to discuss the pros and cons of “credit counseling” versus bankruptcy. Your initial consultation is always free, and you are under no obligation, so call our office at (978) 741-4320 before you agree to make payments to these companies.Common Bankruptcy FAQs
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