Avoiding the Bankruptcy Conversation Can Be Costly

Last updated:
October 24, 2019

Refusing to discuss bankruptcy might feel like the right choice, but it can cost you your home, personal property, retirement, and peace of mind. In my Philadelphia bankruptcy and debt negotiation practice, I regularly meet clients who are reluctant even to talk about bankruptcy. Sometimes, they have heard horror stories or read misleading information. Other times, they believe that filing for bankruptcy means that they have failed, regardless of the cause of their difficulties. Their emotions prevent them from looking at options that may be crucial to getting their finances back on track and securing their families’ futures.

Stop Digging and Ask Questions

Time and again, people experiencing financial difficulties drive themselves deeper into debt by paying one creditor with another in a futile attempt to ward off bankruptcy. Even worse, I have witnessed hard-working people use up assets that might have been saved in bankruptcy, such as money in retirement accounts and the equity in their homes. If they had consulted with an experienced bankruptcy lawyer earlier, they might have retained their retirement assets and other property.

Over the long run, refusing to consider all of your options can be more costly than you know.

Look At All Options

With so much on the line, it is crucial to keep an open mind when discussing your financial problems with your bankruptcy attorney. No one should file for bankruptcy without discussing alternatives, such as debt settlement, foreclosure defense, etc.

Likewise, refusing to discuss all options with your attorney, including bankruptcy, leaves you with only part of the information you need to make an informed decision. If you are in serious financial difficulty, it is essential to understand all of your options. For that reason, your attorney should discuss all viable solutions with you, such as Chapter 7, Chapter 13, debt settlement, including the benefits and drawbacks of each option. An informed decision is more likely to be the right decision.

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About this Blog
About this Blog

Philadelphia Bankruptcy Attorney is published by Harborstone Law. Harborstone Law represents clients in bankruptcy and debt relief cases throughout Philadelphia and the surrounding Pennsylvania counties.

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Dan Mueller is a bankruptcy attorney and partner at Philadelphia-based Harborstone Law. Dan helps people and small businesses resolve serious financial and legal issue through bankruptcy and non-bankruptcy debt solutions.
Paul Midzak focuses his practice on debtor defense, dispute resolution, consumer protection law, and Chapter 7 and Chapter 13 bankruptcy. He also advises businesses on a variety of legal matters.
Harborstone Law represents clients in bankruptcy, debt, consumer, and small business matters throughout Philadelphia, Montgomery, Delaware, Chester, Bucks, Berks, Lancaster, Lehigh, and Northampton Counties in Pennsylvania.
questions? Call our office at 215-248-0989
Committed to finding the best solutions for our clients.


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