There are many issues you must consider before you file for bankruptcy. The following link is from the National Association of Consumer Bankruptcy Attorneys. NACBA is the nation’s leading organization of lawyers dedicated to helping consumers who are experiencing debt problems. Attorney Robert Liptak is a very active member of this organization–which is a vital resource for the most cutting edge and current information, trends and decisions in consumer bankruptcy law. Having NACBA on our side is like having a 4,000+ member law firm in our corner. NACBA levels the playing field against the creditor/lending lobby which greatly effects the law and how it impacts all of us.
This link provides some excellent answers to basic questions and gives you tips about making the important decision of filing bankruptcy.
Debt Payment Priorities
There are certain priorities you should consider in trying to pay your debt when you are short on cash. The following is a link from the National Consumer Law Center that gives basic guidance on payment priorities.
Sixteen Rules About Choosing Which Debts to Pay First
In their book All Your Worth, Professor Elizabeth Warren from Harvard Law School and her daughter Amelia Warren Tyagi, two of America’s leading champions for debtors, point out that:
You made promises, and so did the bank. The bank promised to lend you money, but it didn’t promise to give you the best possible price. It didn’t promise to go easy on you if you got in trouble, and it didn’t promise that its collection agents would be honest and polite. The bank promised nothing more than to lend you the money and to maximize its profits within the four corners of the law. You made the same promise — to pay back if you could within the four corners of the law. Bankruptcy is there to help if your debts get overwhelming. Don’t take it lightly, but don’t avoid it if you need the help.
LIPTAK LAW OFFICES, Iowa Bankruptcy Attorney Robert J. Liptak and all associates are debt relief agents. We help people and businesses relieve their debt and file for Chapter 7, Chapter 12 (Farming & Fishing Business Operations), Chapter 11 (Reorganization) and Chapter 13 relief under the Bankruptcy Code.