Bankruptcy.  The word itself has a negative vibe.  And with good reason.  By the time people actually gather up the courage to call my office and set up a bankruptcy consultation there has been a lot of stress, pain, and sleepless nights.  Many consider their bankruptcy filing a low point in their life, and obviously it is not a place where anyone would choose to be.  But if you can take a step back and try (it is difficult) to really look at what you can gain through your bankruptcy, it really is the deal of a lifetime.

I would estimate that my typical bankruptcy client has $35,000 up to $200,ooo in a combination of credit card and medical debts.  When debts get this high the interest rate that usually accompanies it is sky-high as well, usually 25% – 30%.  The combination of a high balance and high interest rate usually means that there is no way on this Earth you are going to pay that debt off in your lifetime.  Bankruptcy allows you to eliminate these debts – debts that have taken years to acquire – in a matter of months.  The typical chapter 7 bankruptcy in Arizona lasts about 4 to 5 months.

Not only does bankruptcy allow you to eliminate all of your debts, you can do it for a relative small amount of money.  Many people don’t realize that the attorney’s fees charged by bankruptcy lawyers are governed by the bankruptcy court.  For instance, here in Arizona, bankruptcy attorneys generally can’t charge more than $2,500 for a chapter 7 bankruptcy unless they go before the bankruptcy judge and explain why that particular case is more complex.  And truth be known most bankruptcy lawyers charge quite a bit less.  You can see what I charge by clicking HERE.

While bankruptcy is not cheap, if you think about what it gets you, it is a pretty good deal.  For instance, bankruptcy aside,  if I told you that I could eliminate every penny of the $45,000 in credit card debt you had for $2,500, would you do it?  Of course you would.  $2,500 is about 5% of what you owe.  There isn’t a creditor out there that would be willing to settle a credit card for 5%.  Even if you had to pay $5,000 for a bankruptcy, it would still be a great deal!  You would still only be paying about 10% of the amount owed and able to walk away debt free.

Bankruptcy is never desired and is not pain free.  But when you stop to think about it, the power contained within bankruptcy laws is a big deal.  The power to not only become debt free, but to actually bring peace back into your life.

Schedule a Free Consultation!

John Skiba, Esq. John Skiba, Esq.

We offer a free consultation to discuss your debt problem and help you put together a game plan to eliminate your debt once and for all. Give us a call at (480) 420-4028

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