Little Rock, Arkansas, Bankruptcy
Little Rock, Arkansas, Bankruptcy
Historically, in England, people who were unable to pay their debts were thrown into prison. Many were shipped off to penal colonies in such places as Georgia in the 13 colonies and Australia. Those who made it to the colonies had a chance to start over, and many seized the opportunity to make a new life and achieved great success.
Nowadays, we don’t throw debtors into prison, and penal colonies are a thing of the past. But our economy, with its recent crash in the real estate market and lingering unemployment and underemployment has caused many Americans to go deeply into debt, which they are now unable to pay.
A Potential Way Out When You Can’t Pay
So what happens when you owe more than you can possibly pay? Collectors call and harass you, often illegally. To use an old cliché, you can’t get water from a stone. Harassing debtors who would pay if they could is an exercise in futility, but creditors keep trying.
No one should have to live under this kind of stress. There is a way to escape from the anxiety and fear of being hopelessly in debt. Our country has a history of offering second chances, and federal law contains provisions for those who truly cannot pay off their debts: filing bankruptcy. Different types of bankruptcy—Chapter 7, Chapter 11, and Chapter 13—accomplish this in different ways.
Bankruptcy Benefits Society
There are those who feel that there is a stigma attached to declaring bankruptcy, but in fact, giving people with an impossible debt load a way to start over benefits society.
- It is more honorable because it allows you to admit the truth and to be honest with your creditors, rather than trying to buy time with lies: The check is in the mail; or, I have some money coming in next week. Most people will say anything to keep from being harassed by debt collectors. Bankruptcy lets you be honest.
- When you are able to liquidate your assets, clear your debt, and start fresh, you are able to purchase consumer products once again, rather than being a slave to creditors. Your spending helps other businesses survive and helps the economy as a whole.
- People with their backs to the wall because of debt may feel compelled to turn to the bad guys for loans or may even be tempted to get involved in illegal activities in desperation. Without a way to get debt relief legitimately, debtors may be forced to turn to criminal elements for loans or “opportunities” that they would never get involved with otherwise, which is bad for the individual and bad for society. Other may become homeless as a result of their overwhelming debt, another problem that affects everyone.
- Allowing business bankruptcies reduces the risk of entrepreneurship, which is essential to a robust economy. The majority of new businesses fail, and the risk would be so great without bankruptcy laws that most potential entrepreneurs would find starting a new business too risky, which would be a great detriment to our economy.
If you have tried to keep up with your debts but realize that it is no longer possible, it is time to seek legal assistance to protect yourself, your family, and your future. An experienced and skilled bankruptcy lawyer can help you get the second chance you need.
Debt Relief Through Bankruptcy in Little Rock
In Arkansas, Dilks Law Firm in Little Rock is the place to turn when it seems as if there is no way out and you need relief. Medical expenses and health problems are the most common reason this happens, followed by unemployment. In addition, for years, banks pushed easy credit on people for their own profits, encouraging them to spend on credit, which resulted in problems when the economy faltered.
At Dilks Law, we understand that people can get into serious debt despite their best efforts, often through little or no fault of their own. We are here to help.
Call Dilks Law Firm today for a free, confidential consultation to relieve your stress and protect your future.