BANKRUPTCY-----SOON TO COME IN EL HISPANO....by Steve Duhl 
Friday, October 22, 2010, 08:28 AM
Posted by Administrator
I have an ad on the third page of El Hispano, a local newspaper. In exchange for my loyalty, El Hispano is going to let me publish what will appear to be a news-type piece...but, really, it just be a big advertisement. Dayana Rooks, who sells me the space and whose husband, Ron, flys Airbuses and with whom I used to take Taw Kwon Do, is translating it. Once she does, I will publish it here, in Spanish. Here it is in english:

BANKRUPTCY---It May Be A Good Solution For You....by Steve Duhl

Luckily, the law in the United States allows people who are having trouble paying their debts to file for bankruptcy. Many famous people have filed for bankruptcy and many big corporations have also (General Motors, Delta Airlines).

The idea is that after filing you will have a fresh start and you will be able to use your money to buy things you need and want and not to have to pay old debts. The American economy is based on the idea that giving people a fresh start is a good thing and that it will benefit the country as a whole. In many other countries, bankruptcy is not available and people are forced to live burdened by large debts they cannot afford to pay. This can be very bad for those country's economies. Japan, which recently came outof a 10 year long recession and then dipped back into another recession is an example of this.

In some countries, (Middle Eastern countries like Saudi Arabia and Kuwait are examples), people who don't pay their debts can go to jail. Here in the United States, you can't go to jail just because you owe money (except for chid support or alimony). Also, filing bankruptcy won't afect your residency here or your opportunity to become a citizen.

The vast majority of peple who file for bankruptcy keep everything they have including their cars, furniture, retirement accounts...even some money in the bank. Bankruptcy may help you keep your house if you have fallen behind in your payments and bankruptcy may help make things easier for you if you aren't interested in keeping your house.

There are several kinds of bankruptcies. Whether you can file for bankruptcy and which bankruptcy "Chapter" would benefit you most depends on your individual circumstances. If you are considering bankruptcy...or, if you just want to know more..it would be worthwhile to spend half an hour consulting with a lawyer who has experience in the field. There is a lot of wrong information about bankruptcy on the internet and only a small percentage of lawyers have spent a substantial portion of their careers practicing in this particular area.

Bankruptcy may help you have more money available to spnd on your children and yourself. Filing bankruptcy will hurt your credit rating, but not being able to easily borrow money for a few years is usually a small price to pay for the luxury of being able to sleep at night knowing that collection agents won't be calling and that the money you had been sending off to pay credit cards can now go to pay for dinner and movie.


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