Five More Reasons Not To File For Bankruptcy

13 Sep Five More Reasons Not To File For Bankruptcy

Who says there are only five reasons not to file for Bankruptcy?

Jackson 5, CBS TV Special.  First Aired 11/05/1972

Jackson 5, CBS TV Special. First Aired 11/05/1972

Well, Douglas Jacobs says there are five, but I thought of five more.

1. You can’t be sued to collect on a debt.

Sure, that Sheriff or Process Server that comes to your door at 5:00 a.m. is a really nice guy, and you’ll miss those early morning visits,but the fun has to end sometime.

More than ever, Creditors and Debt Collectors are suing people to collect on debts. In fact these days,I see more and more clients that have been sued over debts of $1,000.00 or less.

When you file a bankruptcy it stops all collection actions. This includes lawsuits.

And once the debts are discharged the creditors are forever barred from trying to collect on the debt.

2. You won’t have your wages garnished.

As disappointed as I know you are about this fact, you will be able to keep all of your hard earned money.

When you file a bankruptcy, adebt collector can’t keep taking money out of your pay, and the discharge that you receive prevents them from starting up a garnishment once the bankruptcy is over.

3. You may have disposable income.

That’s right. Money to pay for such frivolous things as food, clothing andmedicines.

You’ll beLivin’ La Vita Loca! Ricky Martin

4. You can keep both of your Kidneys.

Seriously, selling body parts to pay your creditors isway tooover rated, and you never know when a friend or love one may need a donor.

5. You will probably get more sleep.

You will spend less time staying awake at night watching various fly by night companies telling you how they can consolidate your debts, reduce your money payments, reduce the amount you owe your creditors, win the war for the Allies and cure cancer.

Bankruptcy is a sure thing. It gets rid of your debts and allows you to get a Fresh Start. Debt consolidation companiesaren’t.

by , New Orleans, Louisiana bankruptcy lawyer.


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I've been a consumer bankruptcy lawyer for nearly 25 years. Since that time I have helped many people resolve their financial problems. I have been practicing law since 1986 and I am licensed to practice in all state and federal courts in the State of Louisiana. Because I am a sole practitioner, you know that your debt matters are being handled by me personally. In addition to my work with consumers, I am also frequently asked to speak at local seminars on bankruptcy law. I am member of the following organizations: • Louisiana Bar Association • National Association of Consumer Bankruptcy Attorneys • Bankruptcy Law Network My office is located at: 3920 General DeGaulle Drive, New Orleans, LA 70114 Telephone: (504) 368-4101

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