What do you think of, when you think of the Constitution? Freedom of speech? Right to Bear Arms? Unlawful Search and Seizure? None of these are in the Constitution – they were added later, in the Bill of Rights.
But you know what IS in the original draft? The right to Bankruptcy. Article I, section 8, Oversight of Bankruptcy is a required duty of Congress. The ability to start over, with a financial clean slate was so important, it was in the original draft – before freedom of speech, before the right to bear arms, before the guarantee of a jury trial, the framers made sure you could declare bankruptcy. Please keep that in mind.
You have a right to get the protection of the court against your creditors. In a lot of situations, you can have your debts eliminated, and you will have an opportunity to renegotiate the repayment, and at least get a break from the harassment. With so much debt collection abuse – why don’t more people take advantage of the Bankruptcy process? Yes, it’s complicated, but not more difficult than most other legal procedures. I think it’s the stigma – the shame of having to surrender, or the feeling that you have failed in your obligation by not repaying the debt.
If you are avoiding the phone because of creditors, you may be able to get some help before the holidays. The process was established in this Nation by the Founders; it is your absolute right. This
process may be the way you can start over, get a grip on your finances, or just give you some room to negotiate. Your creditors know you can get protection from the court, so they aren’t going to make deals with you until you do.
Here’s some insight on Creditors:
- High Interest Rates are the reward the lender gets for taking the risk that you will default. If you were guaranteed not to default, your interest rate would be tiny – like the kind of interest you get on a Treasury Note or US Savings Bond. High Interest means that they assume some are going to default, so they are getting their piece with every interest payment.
- Your Credit Score is a very complex calculation, and it takes into consideration what kind of debts you have, and what assets you have. If you have a lot of debt that can be discharged in a bankruptcy, and you don’t have substantial assets (like a house, or investments), then you are a candidate for an easy Chapter 7 bankruptcy. The system then ASSUMES you are going to file for a Chapter 7, and it’s the reason your score is so low. The credit reporting agency is telling potential lenders that you will likely file, and once you do file, your score will go up.
- Bankruptcy will do a lot to protect you, but it’s still going to change your life. If you are still paying on a car loan, you may be able to get out of the loan – but you will likely lose the car. Yes, it gets rid of the debt, but if that debt has collateral, like a lien on the car title, you could lose that asset. There are ways to keep the car – so this isn’t an absolute rule, but you need to know how to keep the asset, and plan for it.
- Chapter 7 is a cleaner way to do it, as it will wipe out many different kinds of debt, but you can only do this once every 8 years. So if you declared a chapter 7 a few years ago, and disaster struck again, you can still file for Chapter 13. This is a much more complex process, and it’s going to cost more to do it – but if you have been backed into a corner again, it’s an option you can exercise.
- When you file for Bankruptcy, the creditors have to stop their collection efforts, and deal with your attorney.
If you are in the Greater Phoenix area, the Potter Law Firm may be able to help you. “We’ll get you through it.”
“We are a debt relief agency. We help people file for bankruptcy relied under the bankruptcy code.”
The first thing we do, let’s kill all the lawyers.
- Dick the Butcher, Henry The Sixth, Part 2 Act 4, scene 2, 71–78
It’s no secret lawyers are disliked by a lot of people. A lot of that dislike seems to be linked to a sense that lawyers can’t be trusted. When something very cool – like Astronaut Chris Hadfield singing David Bowie on the International Space Station – gets a take-down notice and is removed from you-tube, its lawyers ruining the fun. Lawyers write those credit-card agreements you can’t understand. When something really bad happens to you, there’s a good chance a lawyer is involved with telling you how bad it’s going to be. They are often the bearer of bad news, and frequently speak in a language that sounds like English, but doesn’t make any sense. It’s why the line from Dick the Butcher is still around, despite no one ever seeing a production of Shakespeare’s Henry VI since it premiered around the year 1600.
Admittedly, what lawyers do is widely misunderstood, and I don’t expect to change anyone’s mind in this short essay. However, it may help if you know that in nearly every instance where a lawyer is doing something – they aren’t doing it for themselves. We defend and protect the rights of others, even when protecting that right means delivering bad news, or taking down an amazing version of a great song sung in outer space. Somebody else (maybe someone mean and greedy) had a right and called an attorney to enforce that right. Lawyers serve others; it’s what we do.
A Lawyer must always put their client’s needs above their own as a requirement of the profession. Always, every single time, the client interest comes first. If a lawyer intentionally misleads a client for profit, that lawyer loses his or her license – they are thrown out of the profession. Who throws them out? Other lawyers – not the police, not some government regulatory authority, not the legislature, but the other lawyers in the state will kick the bad attorney out.
Compare that to the other hired professionals you trust: your stockbroker can sell you a garbage stock, knowing it’s garbage, lie to you about how good it is, then make money while you lose money. Did any broker lose their license during the credit-default swap crisis? Or during the dot-com crash ten years before that? No, they continued to show commercials about how your investment advisor is your good friend. Just like your “good neighbor” insurance company – are they putting your interests above their own profits? Or do you have to fight with them over your legitimate claim for damage to your home, car, or body? Insurance wants to take your money, not give it back. Investment banks want to make money, not protect your interests.
A lot of investment advisors are on your side, by choice. A few people out there have had nothing but good experiences with the insurance provider, perhaps more by luck. But only your Doctor and your Lawyer have an absolute requirement of their license to protect you first – to protect your rights as best they can. Most people either have a doctor they see regularly, or they know they should have one. You probably have an insurance agent, maybe even an investment advisor – but do you have an attorney? Is it because you feel like you can’t trust lawyers? Here’s one more question: Who benefits from you NOT seeking legal advice? Does your insurance company benefit when you don’t call a lawyer? Your investment broker?
Shakespeare’s Dick the Butcher was responding to a plan to overthrow the government, take away all property rights from private ownership and turn the land into a communist utopia. Dick was correct, the only way to do that, would be to take out those who protect people’s rights. Remove the safe-guards, the people who ensure a fair trial, that you were read your rights, that you get to vote, that you can’t be imprisoned without trial, and that your property rights are enforced. To take all those constitutional guarantees away, the first thing is to kill all the lawyers.
So who has your best interest?
The Potter Law Firm has your best interest. We’ll get you through it.