Wednesday, October 8, 2014

Bankruptcy is not a four-letter word, while DEBT is.

Guilt, Fear, and Humiliation: these negative emotions are perpetuated by the mortgage banks, credit card companies and pay-day loan companies who stand to lose when one of their customers (or should we say victims?) files for personal bankruptcy. They are perpetuated by bank-controlled consumer credit counseling agencies who refuse to mention the word bankruptcy. This is because bankruptcy is your most powerful weapon in debt relief. This is also why some people believe they should avoid bankruptcy at all costs even to the point of using (throwing away) their retirement accounts to pay part of the DEBT. 

Put the shame where it belongs
Why is Bankruptcy in America becoming a very common occurrence? Because for many years banks, insurance, credit card, and pay-day loans companies have engaged in predatory lending practices to generate fees and bonuses for themselves without regard to whether the debtor can repay. They extend credit through one-sided contracts without provisions for real life situations such as job loss or family illness. When their customers experience these often devastating situations the banks actually make more money by charging late fees and raising interest rates! When illness strikes and medical bills pile up they deny claims and cancel insurance policies. Then when payments are missed they deny loan modifications and start the foreclosure process. Yet the stigma rests on you? Something is wrong with that picture.

Your right to a level playing field
By leveling the playing field Bankruptcy protects debtors in these situations. Without the legal remedy of bankruptcy, people in financial distress would have no real options to get relief from these companies and insurers. Bankruptcy is written right into the Constitution (Article I, Section 8, Paragraph 4) and therefore, United States Bankruptcy Laws has been around for more than 200 years. Bankruptcy is actually good for the economy. By allowing people to remove unmanageable debt, and to receive a Fresh Start, they are better able to contribute to their community.

You are not alone
There have been prominent people in history who have filed for bankruptcy, such as former presidents of the United States Abraham Lincoln, Harry Truman and Thomas Jefferson all filed for bankruptcy. American icons such as Milton Hershey, Henry Ford, and Mark Twain also filed for bankruptcy. These highly successful people filed for bankruptcy prior to their greatest achievements. If the legal right of bankruptcy had not been available to these great Americans we might not even recognize their names today. Bankruptcy allowed them to learn from their mistakes and go on to contribute great ideas, experiences and inventions to our country. Over one million Americans not only survive but are helped through bankruptcy every year.

Begin your journey to a Fresh Start now!

It is time to end the cycle. The constant worry, fear and stress are not worth it and can even damage your health. With the help of a knowledgeable bankruptcy lawyer, you can find a way out. Get on solid ground and head in a better direction with Salt Lake City Bankruptcy Attorney Mark J. Gregersen. At our firm, Gregersen Law, we focus on bankruptcy and debtor relief services.

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