The Bankruptcy Solution
Sometimes the solution is so simple and easy, it doesn't even occur to you; just give up, and start over again. When a chess Grand Master realizes that a match has become impossible to win, he or she knows there is no virtue in playing it out
to the bloody end. Instead he or she resigns
from the game, conserving vital resources to start fresh on the next round. Bankruptcy is a lot like that. Can you realistically ever pay off those creditors? If debt collectors carry through on their threats to garnish your wages or levy on your bank account, would it result in financial devastation for your family? It may be that the only responsible move is to quit the game entirely; to file bankruptcy and start over on the next round.
Filing bankruptcy results in an instant shield against creditors (often referred to as an automatic stay
) and ultimately it often leads to the complete discharge of most or all of your debts without further payment, and without liquidating any of your assets. Sometimes, even people who would have to liquidate some portion of their assets in bankruptcy, reasonably conclude that filing bankruptcy is still preferable to any other alternative. (On the other hand, if you would benefit from simply defending against a lawsuit for an old credit card debt, the Law Office of Ian Chowdhury can take care of that, too, and bankruptcy might not be necessary at all).
Here are the answers to a few questions you might have on your mind:
What, Is Bankruptcy?
Bankruptcy is a process that allows people with insurmountable debt to obtain relief through the federal courts. Specifically, a debtor can file papers with the bankruptcy court, and instantly have the legal right to tell creditors that their debts must now be handled through bankruptcy court procedures. In many bankruptcy cases, creditors have to accept the fact that the debtor simply does not have enough money to pay them anything. Other times, the debtor may have assets above and beyond the exemption amounts, and the bankruptcy proceedings may then involve paying to the creditors some portion of what they are owed. In general, it is important to assess the state of one's assets and liabilities before filing for bankruptcy, so that there are no unpleasant surprises! The Law Office of Ian Chowdhury can help in assessing whether bankruptcy is right for you, and if warranted, can expertly you throughout the bankruptcy process. The process just described is often referred to as Chapter 7 bankruptcy, which is the most common type of consumer bankruptcy. Also possible, is Chapter 13 bankruptcy, which involves deveoping a realistic plan for repaying creditors from future income. In either case, the end goal of the process is usually to obtain a discharge order which puts a legal end to some or all of your debts, giving you a fresh financial start.
Is Bankruptcy Immoral?
When used appropriately, absolutely not. If you are filing bankrupcty, then you are dealing with less than ideal circumstances, and there is probably no perfect solution. The law recognizes that sometimes there is no digging yourself out of a financial hole. It is true that your creditors are not going to get back all the money that you would otherwise owe them. But if they were able to get that money from you, the result would be disproportionately ruinous to you and your family: If Capital One or American Express were to actually recover from you that $10 thousand on your credit card statements (or $35 thousand or even $100 thousand), then you would lose your ability to pay rent and feed your children. Is it immoral to recognize that your mental and physical wellbeing, and that of your family is more important than paying back the full balance on your credit card? We consumers are systematically kept in a precarious position of reliance upon the large institutions, such as credit card companies; don't doubt for a moment that this is how the institutions want it to be, and society is set up to keep you on the needy side of the fence. The reason bankruptcy protection exists at all, is because the large institutions to which we are all so financially beholden, recognize the need for a relief valve. Nobody wants another French Revolution, after all. When we have been gouged just a little bit too thouroughly, we can get back onto our feet in order to resume our roles as effective worker drones. In other words, it is in everyone's best interest to cut us a damn break, and bankruptcy is that break. We, as the little people in this system, may not be able to demand more than the crumbs that large institutions drop on the floor for us. But we certainly need not feel guilty about eating those crumbs when we need them.
Why Should I Choose The Law Office of Ian Chowdhury?
The Law Office of Ian Chowdhury handles bankruptcies specifically for consumers like you. You won't see any boasting here about being involved in famous bankruptcies such as the bankruptcies of Chrysler, General Motors or Orange County. The issues facing individuals and families are different, and frankly, more important than those facing corporations and complex entities, (you're unlikely to find a single officer at Chrysler who lost sleep over that company's financial woes, but you have definitely had a few rough nights contemplating your own family's financial problems). I will oversee every aspect of your bankruptcy. Although I have the pedigree
of having done a prestigious federal clerkship, and of having been a senior litigation associate at a high-end giant law firm, I left it because, for me, the importance of law is not in its ability to protect the property of the royals from the peasants. It is to protect the dignity of us peasants from the royals; And that dignity is under constant attack. What does this mean in English? It means that when you call with questions, I will personally respond to those questions; when you are up late at night tossing and turning with worry because you just remembered a detail that you should mentioned for inclusion on your bankruptcy forms, you will have the comfort of knowing you have my personal cell phone number. In fact, here it is, give it a try: 323-376-0232. (Don't call too early -- I likes to sleep in). You will not find an attorney more committed to obtaining the results that you need and deserve.
How Much Does it Cost?
A brief initial consultation is free. After that, you'll usually end up paying about $1,350 total. More specifically, the Law Office of Ian Chowdhury will usually charge about $1,000 in attorney's fees for typical Chapter 7 bankruptcy case where your assets are below certain exemption amounts, and then there is about another $350 in filing fees and related costs. Your specific case would have to be evaluated, and then you will get a firm quote so there won't be any surprises on either side. If your bankruptcy is more complicated, such as a Chapter 7 bankrupty where your assets are significantly in excess of the exemption amounts, or if you need to file a Chapter 13 bankruptcy, then it may cost more, but this is something that I will alert you to, before any decisioin about filing bankruptcy.
Contact the Law Office of Ian Chowdhury for details.
