After you watch this video you will say, "Ohhhh." NOW I get what this whole bankruptcy thing actually is and how it applies to me... We joke in our household that bankruptcy is the family business. My dad was an important corporate execute in the 1980's and he discovered that bankruptcy was one of the best-kept secrets of the American capitalist system. It allows people to take on major risks both in terms of business debt and in terms of investing in their future with personal debt, and if things don't go well, get a fresh start while still retaining many if not all of your assets and income. So as we were growing up, we would always hear about remembering that taking intelligent risks is fine because there is usually a way out if things don't turn out as hoped.
Bankruptcy for whatever reason has a huge stigma which is good for people who understand it for what it is. If everyone who needs to file bankruptcy actually did it, there would be no more credit card companies and getting credit would be a lot harder, or the bankruptcy laws would become a lot more rigorous than they are.
So if you realize that bankruptcy is written into the Constitution as a protection for American workers and business owners, and you exercise your rights when you need to, you'll be far ahead of folks who live with terrible credit and shame and struggle under debt for decades and decades.
STEPS INVOLVED IN FILING BANKRUPTCY THROUGH MY OFFICE
1. You call and speak to the attorney.
2. The attorney evaluates your likelihood of success.
3. The attorney sends you some paperwork to fill out, along with a list of
documents you need to bring with you.
4. You bring it all to the office meeting, along with full or partial payment.
5. The attorney and/or staff processes the paperwork over the next few weeks and lets you know what additional documents and information will be necessary.
6. When all paperwork is ready and full payment has been made, the bankruptcy is commenced. At that point the automatic stay kicks in and no credit can call you, sue you, continue a lawsuit against you or otherwise make an effort to enforce their rights without permission from the bankruptcy court.
7. If it's an easy case, you likely will only go to court once and it will be around 5 minutes in front of a Chapter 7 trustee. This occurs about 30 days from when we file your bankruptcy petition. Assuming you were truthful in your application, the case will likely be complete 60 to 90 days later.
8. If it's a more complex bankruptcy case, which usually involves preventing foreclosure on a house by negotiating a loan modification, you could be paying some or all of your bills through the bankruptcy court for a period of 3 to 5 years.
Please feel free to give me a call at 646-326-9971, email me at brad@bailynlaw.com, visit or check out my Linkedin Profile here:
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