Bankruptcy as an opportunity? And a "window" for it? What's that about?
It's about the fact that our Congress, our representatives, gave all of us the opportunity for a Fresh Start from burdensome debts. The U.S. Supreme Court made this point about the purpose of the bankruptcy law way back in 1934: "[I]t gives to the honest but unfortunate debtor … a new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of preexisting debt." This is a powerful statement of public policy and a real opportunity for those of us with burdensome debts.
But if you, as do many people, keep putting off considering bankruptcy until your financial life turns around, then after it does turn around you may find yourself unable to do a Chapter 7 bankruptcy (the simple one that gets rid of your debts quickly) because you're making too much money. This article is short and to the point – Don't wait until your financial life turns around to contact an experienced bankruptcy attorney to see if bankruptcy might be right for you. Also, as I've said in these articles many times before, don't want until you've "gone through" assets you could have kept after a bankruptcy.
If you feel that you're in financial trouble, contact an experienced bankruptcy attorney sooner instead of later to give yourself the best chance at the opportunity that our Congress provided for you.
Also, you might want to read last week’s article (If I had any money) on a similar note, with links to additional articles at the bottom.
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