subject: Why to File for Chapter 7 Bankruptcy [print this page] Why to File for Chapter 7 Bankruptcy Why to File for Chapter 7 Bankruptcy
Steve Westerfield has a Bachelor of Arts degree in Political Science from Ouachita Baptist University in Arkadelphia, AR and a Juris Doctor from the University of Arkansas at Little Rock. He also has 32 years of experience in legal practice as a sole practitioner as a bankruptcy lawyer in Hot Springs, AR. Here, Westerfield talks about why people come to him to file Chapter 7, and how it can help get you back on your feet in no time.
Bankruptcy Laws
People often think of bankruptcy as something that has come about in recent times. However, provisions for bankruptcy were established in the U.S. Constitution that was written in 1787, and it has always been a part of American law. Bankruptcy provisions were placed in the Constitution due to the fact that in England, prior to the American Revolution, creditors could have a debtor imprisoned and a person could find himself mired in debt and poverty for a lifetime, regardless of how hard he worked up until that point. Bankruptcy laws are designed to give a person a second start in life.
It is clear that bankruptcy is far more common today than in the past and is often recognized as being a financial necessity. Many major corporations have filed bankruptcy, and many people in public life have filed bankruptcy. In fact, four former American presidents have, at one time or another, found it necessary to file bankruptcy.
Causes for Bankruptcy
Unfortunately, individuals and families are often not in control of the factors that lead to financial hardships. In most cases, bankruptcies are caused by unexpected major medical bills or loss of employment. They are also caused by excessive credit card debt, especially when the credit card companies dramatically increase interest rates that are being charged to the borrower. In addition, bankruptcies are sometimes the result of divorce or personal tragedy such as the death of a member of the household or a car wreck, or other such loss.
A typical client needing to file a Chapter 7 bankruptcy petition is one who has suffered a job loss and had to rely on credit cards to pay personal bills and living expenses until new employment could be found. In some cases, a person will incur major medical expenses because he does not have adequate health insurance, and may find himself facing lawsuits, and even writs of garnishment against his wages or checking accounts.
Fresh Start
There is still a perceived "stigma" when it comes to bankruptcy. Most people try very hard to avoid bankruptcy and are very upset at the prospect of having to file bankruptcy in order to protect themselves. However, people should realize that that is a normal,healthy reaction. It shows that people, as a matter of conscience, want to pay their bills and be self-sufficient.
When it comes to filing Chapter 7, I know everything it takes to get you the fresh start you deserve. If you are in debt and think that bankruptcy could help you get a new life, call the Steve Westerfield Law Office today for the best Chapter 7 bankruptcy lawyer in Hot Springs, AR. I can make sure that you are getting the best legal advice out there to get you back on your feet as soon as possible.
This article is for informational purposes only. You should not rely on this article as a legal opinion on any specific facts or circumstances, and you should not act upon this information without seeking professional counsel. Publication of this article and your receipt of this article does not create an attorney-client relationship.
