Law Office of Allan E. Dunaway, PLC

Bankruptcy is not an end, but a chance to begin again

Many people feel a sense of embarrassment with the prospect filing for bankruptcy protection. It is a public admission of your financial condition and that it has deteriorated to the point that it cannot be salvage by diligence. While you can easily get into trouble with credit cards and simply spend more than you can afford to repay, more often, bankruptcy is caused by conditions beyond the simple control of the debtor.

You are divorced, and are forced to make do with the same amount of money to support two households. Even if both spouses were working before the divorce, the loss of the economies of scale that are inherent in a marriage dissolve. You have to have two residences, two cars, two of practically everything else.

If your hours at work are reduced, your ex fails to make their child or spousal support payments, or practically any other negative financial event can drive you into a downward spiral of using more credit card debt to juggle your bills.

If you have an accident and are injured or fall ill, you can quickly pile up medical debt and additional credit card debt, as you struggle to cover your expenses when you cannot work. This can be a catastrophic to many people, because they are simultaneously loosing income because they are not working and being overwhelmed by medical bills.

An experienced attorney can help you decide if bankruptcy can solve your economic issues. Bankruptcy serves a necessary function, enabling people to regain their financial health, by obtaining the "fresh start" Congress intended when they enacted the Bankruptcy Code.

Source: GlobalGrind.com, "Wisdom Wednesdays With Lynn Richardson: Bankruptcy Myths 2," Kelsey Paine, March 13, 2013

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For sound bankruptcy advice you can count on, from a skilled lawyer who truly cares about your future, contact the Louisville Law Office of Allan E. Dunaway, PLC. We have two convenient locations: Louisville, Kentucky, and Jeffersonville, Indiana. Our main office in Louisville is located off the beaten path so you won't have to deal with downtown traffic and can pull right up to our door and walk right in.

Call us at 502-785-1005, or send an email message. Our law firm welcomes the opportunity to serve you in any way we can.

If for some reason personal bankruptcy is not for you, if you do not qualify for the Chapter 7 approach via the "means test" and Chapter 13 reorganization is not the answer, Allan E. Dunaway works hard to inform you of other appropriate means of debt settlement that suits your unique needs.

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