Nearly Half of the General Public Believes Bankruptcy is Acceptable – Good or Bad?

Recent public polls show that, unlike in past decades, filing bankruptcy is widely believed to be a viable plan to settle financial difficulties. 43% of the people polled said bankruptcy is an acceptable and easy way to settle monetary problems.

In my humble opinion, this acceptance is a double-edged sword. While it’s good that the idea of bankruptcy doesn’t conjure up visions of failure and years of shame because of a smear on an individual’s credit report, I believe we need to look at the bigger picture.

First, part of the reason for this general acceptance is due to publicity for “bankruptcy mills” that promise to solve all of your financial problems with their simple, inexpensive bankruptcy packages. Don’t get me wrong; it is entirely possible for a person who files bankruptcy to realize a better lifestyle and even improved credit in a very short time. It is also possible for another person to find themselves back in the same or worse circumstances shortly after filing. There’s much to be considered before, during and after the proceedings.

Secondly, I can’t help but wonder how many of the reported 43% are actually unaware that there are many other legal and rightful ways to settle financial problems. Even in today’s hyper-informed society, there are scores of individuals who don’t know these alternatives exist. Here are just a few of the possible ways one may seek relief without bankruptcy:

• Loan modification
• Deed in lieu of foreclosure
• Short sale
• Debt negotiation
• Debt consolidation
• Credit repair
• FDCPA Protection

I won’t go into the details of each of these here, because you can find and read about them on my website: I just want to point out that these options are all available and may involve less work and expense than a bankruptcy petition and should be considered before deciding to file. Many of these can even be carried out on your own or with minimal guidance from an attorney. It’s my opinion that at least some bankruptcy cases could be avoided by employing one or more of the debt relief methods listed above. That’s why I make it a point to explore all possible options available to a client. Debt relief is a matter of finding the right solutions to suit a person’s situation and seeing them through properly, to ensure the best possible outcome.

Of course, it’s possible that, after exhausting all other possibilities, filing bankruptcy may be the best option. In that case, I work with my clients to plan and implement each step in the most thorough manner possible, from preparing the petition to outlining a solid recovery plan after the proceedings.

If you’re in need of a lawyer with the experience and ethics to help you seek a solid recovery, contact accomplished EL CAJON BANKRUPTCY LAWYER Jeff Larkin. To seek advice from CHULA VISTA BANKRUPTCY ATTORNEY Jeffrey Larkin, call 877.25.NEW.HOPE for a free consultation today or visit his BANKRUPTCY LAWYER IN CARLSBAD CA Google+ Local page.

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By Jeffrey Larkin