Pre-Bankruptcy Planningby Aaron Kelly (The Kelly Law Firm)
What can bankruptcy do for you?
As we all know, times are tough. Many people are having problems with their investments and have been inquiring about their options. Unfortunately, however, many clients have tried “go at it alone” and have gotten themselves in even more financial distress. Some clients, which were successful business owners in the community, are on the verge of losing their homes.
In many cases, before it’s too late, we can help clients recover financially without the need of filing bankruptcy. However, even when we cannot, we can help with pre-bankruptcy planning, as well file the bankruptcy when it comes time. Pre-bankruptcy planning can help you save significant property!!!!
The longer clients wait to take action, the less options they are likely to have when they do decide to take action. Surprisingly, most clients don’t even know what their options are!!! People cannot make educated and informed decisions when they aren’t aware!!!!!
There are also those clients who fall for the marketing ploys of debt relief agencies. These agencies generally do not have attorneys that work on your case. Typically, these agencies will charge you a couple of thousand dollars, will try obtain a mortgage and/or loan workout program, and then, when they cannot obtain such a loan workout agreement, will tell you to go see an attorney because it appears that you may need to file bankruptcy. Also, even if these agencies are successful with obtaining a loan workout agreement, the agreements are usually very one-sided (in favor of the lender), are poorly written, and empower lenders even more than before. Frequently, such loan workout agreements compel the client to reaffirm the debt, which eliminates any chance of contesting the debt.
Furthermore, such agreements are usually unfavorable because they are only a temporary solution. These agreements are usually written by banks, and the banks are aware that the person is likely to continue having problems in the future and will likely file bankruptcy at some time in the future. This is exactly what banks want! Banks make out better this way because they get to keep all the money that was paid under the terms of the loan workout agreement, in addition to the collateral (in many cases) after the person files for bankruptcy! Thus, all the money that was paid under the terms of the loan workout agreement is lost.
If you are in financial distress, we can help you make an informed decision. You cannot make educated and informed decisions when they don’t even know what their options are!!!!! And if you need to file bankruptcy, we can also do that as well.