Is Bankruptcy the Right Decision? (Part 3)

30 Apr Is Bankruptcy the Right Decision? (Part 3)

In some cases, bankruptcy isn’t only the right decision, it’s really the only decision. If you have one of the following situations, you should speak with an experienced bankruptcy attorney immediately:

1. Your wages are being garnished. Wage garnishments take a big chunk out of your paycheck, often leaving you unable to make rent/mortgage payments, car payments, pay for medicine, or even put food on your table. A bankruptcy filing will stop garnishments immediately, and may let you get back some of the money that’s already been sent to the creditor.

2. You’re facing a foreclosure or repossession. If you’ve fallen behind on car or mortgage payments and need more time than the lender will give you to catch things up, a Chapter 13 is the perfect option. It gives you up to 5 years to bring things current (even if the lender won’t give you the time now).

3. The IRS is going after you. Bankruptcy lets you discharge, or wipe out, some taxes, and a Chapter 13 gives lets you set up a 5-year payment plan on those that aren’t.
4. You’re in over your head and don’t see a way out. If you’ve been hit with a universal default on your credit cards and are paying 29%+ APR, your house or car is worth a lot less than you owe on it, you owe a lot of debt and don’t see ever being able to pay for it…well, bankruptcy offers you the opportunity for a fresh start. Most of my clients tell me that they should have filed at least a year before they call me for the first time, and they lost a lot of money trying to fix the unfixable. If this is your situation, a Chapter 7 or 13 can help you climb out from under the debt mountain.

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Brett Weiss, a senior partner at The Weiss Law Group, LLC, represents people and businesses in all phases of bankruptcy. He has experience in complex individual Chapter 7, Chapter 11, and Chapter 13 bankruptcy cases, and in Chapter 11 small business restructuring and reorganization. Mr. Weiss lectures nationally on bankruptcy issues. He has testified before the Federal Bankruptcy Rules Committee, the Consumer Financial Protection Bureau, and has twice testified before Congress on bankruptcy and credit issues. Brett Weiss is the co-author of Chapter 11 for Individual Debtors, and has written Not Dead Yet: Bankruptcy After BAPCPA, for the Maryland Bar Journal, as well as hundreds of blogs for the Bankruptcy Law Network. With his colleague, Daniel Press, he recorded a 13-hour basic bankruptcy training series, and leads intensive three-day Chapter 11 training boot camps. Mr. Weiss has received international media attention in connection with his work. He was interviewed by Barbara Walters on The View, has appeared on the Today Show, Good Morning America, ABC News with Peter Jennings, the Montel Williams Show, National Public Radio, AARP-TV, the BBC World Service, German state television, and numerous local radio and television programs, and been quoted in Money magazine, The Washington Post and The Baltimore Sun, among others. Brett Weiss is the previous Maryland State Chair for the National Association of Consumer Bankruptcy Attorneys, a founding member of the Bankruptcy Law Network, on the board of the Maryland State Bar Consumer Bankruptcy Council, and a member of the American Bankruptcy Institute and the Bankruptcy Bar Association of Maryland. He has received the Distinguished Service Award from the National Association of Consumer Bankruptcy Attorneys for his work on behalf of consumers across the country. Mr. Weiss is admitted to practice before Maryland and District of Columbia federal and state courts, the United States Courts of Appeals for the DC, Fourth and Eighth Circuits, the United States Tax Court, and the Supreme Court of the United States, and has been practicing law since 1983.
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