The Freedom Provided by Bankruptcy

Date: 25 April posted by Mike Martella, Esq. - Martella Lawon

No doubt, that if you are reading this document, you have gone through the nightmare of being harassed by creditors, receiving multiple phone calls and scared about what is going to happen next. Or you may be someone who has always been proactive throughout your life, always paid your bills, always in control of your financial situation but, due to circumstances beyond your control, such as a loss of a job or the downturn of the real estate market, you face the possibility of not being able to make your bill payments and are looking for more information about bankruptcy, and if it can help you through these difficult times. In planning one's life, no one ever puts filing for bankruptcy on their bucket list. However, unfortunately, millions of American's each year seek the protections provided by the Bankruptcy Code in order to get a fresh start on a new life.

The Bankruptcy Code was enacted by Congress to allow individuals who may have faced an unexpected financial hardship or failed in a business, the opportunity to continue on with their lives without the burden of having to be a slave to their creditors for the rest of their lives. Bankruptcy is vital for our capitalist system, otherwise, many entrepreneurs and individuals who made mistakes, would never have been able to reach the great successes they achieved and share that success with the rest of the world. People like PT Barnum, Walt Disney and Wally Amos all filed for bankruptcy, as well as Donald Trump, and his related entities, who have sought bankruptcy protection numerous times. The Bankruptcy Code has allowed them to learn from their mistakes and succeed, not only for themselves, but for the benefit of society as a result of the hundreds of thousands of jobs they created.

While you may not be a Walt Disney or Donald Trump, the end result of filing bankruptcy can be just as significant for you. Imagine having the burden of what appeared to be insurmountable bills lifted off of your back. If you are significantly under water on your home and do not foresee the ability to even break even on your house in your lifetime, you can be relieved from that obligation as well. If you have children, relieving yourself from these debts will allow you to regroup and plan for college savings for your kids to give them the best start possible.

In the end, the Discharge that you receive by filing bankruptcy will result in benefits to both your mental and physical well-being, as well as ultimately, happiness, as it will relieve the financial stress that leads to so many other problems in your family life and relationships. By putting these financial burdens behind you, being discharged from your obligations, being able to start a new life based upon your current income, and by living not only within your means (but under the best case scenario with no debt and actually living below your means so that you are able to save funds), you will begin a new life, with new opportunities for you and your loved ones. For these reasons, we encourage our clients not to think of bankruptcy as a negative event but, actually, a positive act toward a financial and emotional rebirth, and the first step on the road to the rest of their successful lives. We at the Martella Law Firm, P.L. are happy to assist our clients in taking that first step.

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