It is a shame that an American middle-class family feels that it must ride out the fiscal crisis by itself while the largest corporations and wealthiest individuals in America utilize the government laws to their advantage.
Reasons why someone may choose bankruptcy
Most of my bankruptcy clients are middle-class families with both spouses working, own a home, have a college or Master’s Degree, and are paying for their children’s educations.
A typical bankruptcy filer in New York is a middle-class head of household with children and a full-time job.
- a middle-class head of household with children and a full-time job.
better educated than the general population.
- almost all bankruptcy filers suffered a catastrophic personal event such as loss of employment, divorce or serious medical issues.
- homeowners who were defrauded into obtaining first and second subprime mortgages.
- seniors on a limited income with extraordinary medical expenses.
- unemployed or underemployed college graduates with student debt reaching $100,000.
Advantages of Bankruptcy
We all know that bankruptcy can have disadvantages, but many forget the wide range of benefits of Bankruptcy:
- All eligible debtors can eliminate or restructure their debt.
- Stop lawsuits, wage garnishments, bank restraints, foreclosures or repossessions.
- Protect up to $1 million of your retirement funds, $330,000 equity in your home, two cars and cash in the bank.
If you need to take responsible action to protect your family’s financial future, you should consult with an experienced bankruptcy attorney. The Law Office of Allen A. Kolber, Esq. provides quality legal services to clients in New York State who need a helping hand through tough times.
If you require the services of an experienced Bankruptcy attorney, contact the Law Offices of Allen A. Kolber, Esq. today to schedule a consultation and discuss your options.