We are bankruptcy attorneys located in Middletown, Ohio. We specialize in Chapter 7 and Chapter 13 bankruptcy filings.
Almost everyone we meet with expresses their embarrassment/disbelief/guilt over having to go thorough the bankruptcy process. Much of this stems from widely held beliefs by the public in general that bankruptcy is a symbol of failure or someone trying to play the system. After years of experience we find the opposite to be true. Listening to clients over the years and the series of events that lead up to most bankruptcies makes you realize it can happen to anyone.
When preparing a bankruptcy petition we must gather information regarding income and expenses. From this we can gleam that many clients have come to us as a last resort – often it would have been beneficial for the debtor to visit with us earlier. Many have been working several jobs, reducing expenses, selling belongings, borrowing money from family and draining their retirement savings. Bankruptcy is usually the last resort for most people.
Bankruptcy is designed to give people a fresh financial start. There are many myths about bankruptcy that have been put into the public eye. Some of those myths are listed below.
Bankruptcy is the result of irresponsible spending.
Most bankruptcies do have a lot of spending and credit card use that has gone one. But the reason for most of this spending would surprise most people. Often the large amounts of credit card debt have incurred through using a credit card to buy groceries, gas, clothes for the children, etc. This is usually because there has been a job loss or reduction in pay. At the time when most debtors purchased their cars or homes they could afford them. However, an unexpected illness or job loss has made what was once very affordable to completely out of the budget. We find that most people are eternal optimists and believe that things will get better soon. So in the mean time they put their monthly living expenses on credit cards with the thought that they will easily pay back the debt once they get better or go back to work. If this does not happen quickly they find themselves in a very difficult situation.
Bankruptcy Happens to the Poor and Uneducated
Bankruptcy does indeed happen to the poor and uneducated. It also happens to the incredibly wealthy and highly educated. We have filed bankruptcies for doctors, lawyers, dentists, chiropractors, teachers, managers, business owners, police officers, computer techs and nurses. Bankruptcy can happen to anyone regardless of past successes or educational achievement.
Not many people file for bankruptcy
Bankruptcy filings are currently down. But that is not necessarily a good thing when it comes to the economy. Bankruptcy filings for 2010 through 2012 were astronomical. Most of these filings resulted from job losses due to the economic struggles in America in general. Most of these filings were filed by good hard working people who just hit a financial setback. Financial setbacks can happen to anyone. It is true that there are people out there trying to game the system, rack up a lot of debt and then file bankruptcy, but they are a very small minority.
For more information check out our website at www.middletown-bankruptcy.com
If you have been suffering through the difficult decision of whether to file for bankruptcy give us a call at 513-422-2994 and set up your free consultation. Even if you decide not to file for bankruptcy at least you can learn what your options are, we have found that even if you decide not to file for bankruptcy at least knowing the options give you a lot of peace.
Contact our Middletown, Ohio bankruptcy attorney today.