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The Word "Bankruptcy" Shouldn’t Scare You


I have heard this more than once during a client’s first consultation: “I want to know my options, but I would never consider bankruptcy.

I always wonder how the sound of one word can scare people so much that they ignore the benefits they are entitled to under the laws of the United States. It could be because of the terrible things they have wrongly associated with the word bankruptcy.

For the purposes of this article, I will temporarily rename the word bankruptcy, and see if it might make readers look at it in a different way. Let’s change "Bankruptcy Code" to "The American Debt Relief Act,” and see what happens.

Debt Relief

Under Chapter 7 of the American Debt Relief Act, you may be entitled to get rid of your credit card, medical bills, and many, if not all, of your other debts, while you still keep your car, house, furniture, and all of your possessions. The American Debt Relief Act is based on the concept of being entitled to a fresh start when debt has gotten out of hand.

For most of our clients, the accumulation of debt has been the result of a loss of income, medical problems, separation or divorce, the death of a spouse, or other crushing burdens. Because you can file for relief under the American Debt Relief Act, you don’t have to stay burdened with these debts.

Under Chapter 13 of the American Debt Relief Act, you may be able to save your house if it is in foreclosure, or your car, which may be at risk of being repossessed or has already been taken. In many circumstances, the American Debt Relief Act also entitles you to be able to pay a fraction of your credit card and medical bill debt over three to five years. At the conclusion of that time period, the remainder of the debt is discharged.

I have seen many cases where the amount of debt to be paid back is less than 20% of what is owed. If you owe $20,000, that means you might only have to pay back $4,000. The American Debt Relief Act can do a lot to help clients in every financial position.

What’s In A Name?

Give your situation some thought, and consider some of the solutions offered above. Think about your financial standing. Try substituting "The American Debt Relief" for "Bankruptcy Code," and see if that sounds better. You can give us a call at Steidl & Steinberg for a free consultation and tell us about your debt situation.

Let us worry about what name to call it.

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This entry was posted in bankruptcy, bankruptcy attorney, bankruptcy court, reasons to file bankruptcy