HOW BANKRUPTCY WILL AFFECT MY LIFE

It is among the most pressing question that clients have when they first consider filing for bankruptcy, and the fears often far exceed the realities. Bankruptcy carries with it a stigma that lingers even as the nation and the economy faces its most difficult struggles since the 1930's, but it has been and remains a legal and necessary part of a vital economy that has saved countless families and even some of the largest corporate organizations in the world.

Bankruptcy is not a decision to be made lightly, but understanding both how it can impact and improve your life should be a vital part of the decision. At the law offices of Pesner Kawamoto Conway, PLC, in McLean, Virginia, our attorneys have been helping individuals and businesses come to informed and personalized decisions about bankruptcy for decades.

An End and a New Beginning

For many clients the decision about whether to file a Chapter 7 or Chapter 13 bankruptcy comes down to a measure between what life is like now and what it will be like under the protection that bankruptcy affords. We hear clients describe their current situation in a lot of different ways, such as:

• Constant pressure from creditors and collections agents

• A fear of every phone call and every knock at the door

• Helplessness in the face of massive debt, out-of-control interest rates or foreclosure

• Sleepless nights spent thinking about money and harassment from creditors

• Fights with spouses about the weakening state of family finances

• A direct result of a divorce or other change in family status

Bankruptcy isn't a fix to all problems, but for many families it's the restart or opportunity to catch up that they most need. With a process that is far less complicated than many people expect, bankruptcy can have immediate impact, including:

• An immediate end to creditor harassment

• The opportunity to build a payment plan that matches your ability to pay

• Exemptions that may allow you to keep your home and key assets while eliminating other debt

• A sense of taking back control of your finances and life

This blog is not intended to render legal services to the reader, including advice about bankruptcy or taxes. Consult with a lawyer concerning the specific application of the law to your unique circumstance.