Our Forefathers wrote the US Constitution with the intent not to have debtor’s prisons. Bankruptcy is a remedy afforded to us when there is no alternative. Nobody wants to file a Bankruptcy; it is used as a last resort. Life is a marathon and we never know what will hit us. A loss of job, illness, divorce or foreclosure can send someone into financial ruins and psychological despair. People want to know the ‘rules’. What assets can they protect? What debts are non-dischargeable? Where do they turn? What do they pay or not pay? What is a summons? Should they or should they not pay their credit cards? What do they tell their creditors? Must they appear in Court for hearings? What is legal and what is not? What is ethical and what is not? Do they pay their property taxes even if they have to let their home go? What is a judgment and what are the consequences?
Most people who are filing bankruptcies today have fallen prey to the economy and the housing market. It is a vicious cycle. They rob Peter to pay Paul by living off their credit cards and taking cash advances until the market turns. Some wait until the credit cards are cut off and the well is dry. Others are proactive and do not want to wait until that point. They want to plan and time things accordingly. They want to do the right thing and protect themselves at the same time.

Sherry Ellis