A Moralistic View of Bankruptcy

Legitimate Debt Relief Lawyers

With the recent trend in the economy more and more people are having to file bankruptcy. More often than not when we meet with potential clients they tell us that they never dreamed that they would have to file bankruptcy and they feel bad about not paying back debts that they admit they owe. Certainly most of us can relate to this quandary, indeed, we would venture to say that very few of us take on a loan or buy merchandise on credit with no intention of paying the money back. However, at times we’re going to find ourselves in the perfect storm where it is simply infeasible to pay back all our debt, and the longer we wait, hoping that things will turn around, the more debt we’ll get in, the worse off we’ll be, and the road back becomes more and more difficult. This is where bankruptcy steps in.

Bankruptcy Provides Legitimate Debt Relief

Bankruptcy is not a legal way to cheat your creditors. Bankruptcy is simply a method by which consumers can get back on their feet and begin contributing to society and the economy again. And certainly we wouldn’t lose any sleep over cutting off a creditor that has received back their initial investment and continues to aggressively pursue payment for a debt that has been severely overinflated due to exorbitant fees and interest rates. Indeed, one of the reasons bankruptcy exists is so that consumers have a way to get out from, what can only be described as, shaky lending practices. Many lenders prey on consumers that find themselves in a desperate situation, such lenders assume that you will never be able to pay the debt back in full and that’s how they make their money. In fact, the “non-profit debt consolidation” programs that have bombarded your tv and radio ads are typically funded by credit card companies that want to keep you from filing bankruptcy so they can continue to collect on your debt.

However, even those creditors that have treated you honestly and fairly are aware that bankruptcy is always a possibility, even when they first give you the loan. When these creditors lend you money, the loan or line of credit is typically set up so you will pay them back more than you originally borrowed. This increased payment allows them to make money on the loan, and allows you the option to discharge the loan in a bankruptcy if need be. The system is purposely set up in this manner; so discharging the debt in a bankruptcy is as much your right as collecting interest is the lender’s right.

The moral of the story is that there is nothing dishonest about bankruptcy, it is a legal means, and often the only means, by which consumers can get back on their feet after falling on hard times. Plus, if it makes you feel better, after you do get back on your feet, none of your pre-bankruptcy creditors are going to turn your money away should you decide to voluntarily repay them at that time. We had a client do exactly that.

Contact Salcido Law Firm for More Information

If you have questions about whether bankruptcy is right for you, please feel free to call the attorneys at Salcido Law Firm. We will give you straight answers about bankruptcy and help you determine whether it is right for you. There is no fee for the initial consultation and licensed attorneys will always be available to take your calls and/or meet with you. Call us today at 801.413.1753.

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