Consumer bankruptcy filings hit their highest monthly peak in March since Congress overhauled the system in 2005. What should consumers do BEFORE they file personal bankruptcy?
At Persels & Associates we understand the needs and circumstances of those who are in debt. We are here to tell you that you are not alone and there are steps you can take to protect yourself.
Towson, MD (Vocus/PRWEB ) April 29, 2010 -- The number of filings rose to 149,268, 34% higher than February’s filings, according to recent consumer data. Consumer bankruptcy filings hit their highest monthly peak in March since Congress overhauled the system in 2005. The March tally was also 23% higher than the same time a year ago.
The bankruptcy lawyers at Persels & Associates are committed to helping people file for bankruptcy, creating a new opportunity in life and a clean slate for the future, without the weight of preexisting debt.
With that in mind and with new laws in place what should consumers know before they file personal bankruptcy?
“Filing for bankruptcy no longer has a negative stigma,” said Joe Cosentini of Persels & Associates. “We understand the needs and circumstances of those who are unfortunately in debt. We are here to tell you that you are not alone- the recent and ongoing economic crisis has left many individuals in debt.”
The Federal Reserve reported that the revolving debt has reached a record high of $943.5 billion. For many Americans living during this economic recession, debt is an inevitable path. The underlying goal of the federal bankruptcy laws enacted by Congress is to give debtors a financial fresh start from burdensome debts.
Filing for Bankruptcy
If circumstances dictate that bankruptcy is your best option, the lawyers at Persels & Associates will help you file for bankruptcy. The United States bankruptcy laws are intended to help debtors achieve a fresh start by relieving most of their debts. For most consumers there are two types of bankruptcy available. Chapter 7 bankruptcies, sometimes called liquidation bankruptcy and Chapter 13 bankruptcy, sometimes called debt reorganization. The chapter you file under is determined by your unique circumstances. Not everyone will qualify to file Chapter 7 and not everyone can afford the sometimes-high payments required by a Chapter 13 Bankruptcy. Currently Persels & Associates only represent debtors under Chapter 7 of the Bankruptcy code but if a Chapter 13 Bankruptcy is advisable, we will help you find the right lawyer.
If and when bankruptcy becomes a consideration, you will be able to speak to one of Persels & Associates knowledgeable bankruptcy attorneys to learn how you will be affected.
Crucial Steps to Take Before Filing for Bankruptcy
Filing for Bankruptcy, even preparing to discuss your options in Bankruptcy is a complex procedure. The attorney you speak with will need to know great detail about your recent income, your debts, and the things you own or are buying, and who lives in your household, amongst other things. When contemplating Bankruptcy you should begin to gather certain paperwork that will assist the attorney in effectively analyzing your unique situation. The following list is something helpful to have with you when you speak to the attorney.
About Persels & Associates
Persels & Associates, LLC, and its entities are pioneers in the field of offering "unbundled" legal services to individuals who cannot afford traditional legal services. As Americans credit debt rose, Persels & Associates bridged the "gap" between consumers and their debtors. Today, Persels & Associates employs 25 central office staff attorneys and over 150 additional attorneys in the 50 states while representing over 40,000 clients nationwide. For more information, please visit www.perselsandassociates.com.
Karen McGagh, KMC
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[Via Legal / Law]