A woman recently wrote a financial columnist for a national newspaper seeking advice on what she called “the stress and the heartbreak” associated with her family’s inability to shake off a seemingly insurmountable amount of debt. The bills she cited — most centrally a combination of student debt and credit card obligations — were far outpacing the family’s income, despite her husband’s “good job” and her graduate degree. Following is a synopsis of the advice she received.
First, and in response to the woman’s direct inquiry, the columnist addressed the concept of bankruptcy in general, immediately dispelling some misconceptions that many people have about this process and legal right.
As he noted, some potential filers balk at bankruptcy, thinking that it somehow marks the end of financial life and is not an appropriate response to debt.
That is flatly wrong in many cases, with bankruptcy being, as the writer informed her, “the start of a new and better financial chapter.” In fact, he told her that a simple application of math and logic in many instances reveals that where a “financial dead end” is facing an individual or couple, there is almost no case in which bankruptcy is not a viable — if not the preferred — option.
And seeking to go about the process alone is flatly inadvisable, given that mistakes in a bankruptcy filing “can have serious implications.”
“[H]aving an experienced licensed professional helping you,” he informed her, “just makes good sense.”
Florida residents with questions concerning high debt and debt-relief possibilities can receive prompt and responsive answers and representation from a proven Miami bankruptcy attorney.
Source: Huffington Post, “I want to file bankruptcy,” Steve Rhode, May 25, 2013