The Return to Debt Free Living
It is not uncommon to have reservations about filing for bankruptcy. Some people have the belief bankruptcy is the worst thing you can do. That is rather like saying your car went off the road and into the ditch, but you do not want to call the tow truck because the tow truck is the problem. The financial calamities you experienced have already happened. Bankruptcy is not the problem, in appropriate circumstances it is the solution to the problem.
Chrysler used the bankruptcy process to restructure itself and return to profitability. General Motors filed for bankruptcy to remove its bad debts, and it now has a better financial condition than it had for many years prior to filing for bankruptcy. We are all happy with the success story of the revitalized City of Detroit. But its turn-around was largely due to removing crushing debt payments by filing for bankruptcy. This process freed up money which allowed the city to replace burned-out lights, fix the roads, hire more police, and put out the fires. An environment has been created in which the city is once again an attractive place for investors.
You can do the same. You can file for bankruptcy, keep your possessions, eliminate your debt, draw a line under these financial problems, and get back out on the road to live your life again. It is not in society’s interest to crush a person. We live in the land of second chances. If General Motors, Chrysler, and the City of Detroit can do it, why not you?
The above information is a general overview and is not intended to be used as legal advice. If you are considering filing for bankruptcy, the best thing to do is call our office at 248-557-3645 and schedule a free consultation so you can receive advice which is tailored to your specific circumstances.
By: Michael Benkstein, Esq.
Managing Attorney, Bankruptcy Department
The Law Offices of Joumana Kayrouz, PLLC
1000 Town Center
Southfield, MI 48075