ClickCease
Share

Bankruptcy Law Blog

Monday, June 29, 2020

We Can’t Predict The Future

The famous 16th-century prophet and mystic Nostradamus is said to have predicted the Great Fire of London, the French Revolution, the rise of both Napoleon and Adolf Hitler, both World Wars, and the nuclear bomb. Conspiracy theorists also say he predicted the 2020 pandemic and economic meltdown.

We’re skeptical. The ability to predict the future is not some rare gift that those with pseudo-magic powers can develop, it’s an impossibility. If humans could predict the future, 2020 would have turned out differently, and bankruptcy lawyers might be out of a job.

Uncertainty is a part of life. It’s why tightrope walkers have nets, airplane seats double as flotation devices, and most of us buy insurance. It’s also why the bankruptcy system exists.

Our Founding Fathers wanted to encourage the risk takers in our country to dream big. Instead of punishing those who try something new and fail, and putting those who suffer an illness and can no longer pay their bills in debtors’ prison, our country’s policy-makers created a bankruptcy system that gives everyone a second chance when they find themselves in a financial hole.

A debtor even has the ability to choose which type of bankruptcy to file. Filing under Chapter 7 results in assets being liquidated to pay off debts and most remaining debts being forgiven immediately. Filing under Chapter 13 allows the debtor to hold on to his or her assets because it puts the debtor on a structured repayment plan for a few years, then forgives most debts.

Bankruptcy provides certainty in a world full of uncertainty. During the current coronavirus-caused financial crisis, bankruptcy is helping many families and businesses impacted by the virus get back on their feet.

However, filing for bankruptcy is not something that should be done on a whim.

Your bankruptcy filing will remain on your credit report for up to ten years. This can make it difficult for you to access new credit once your case is closed. If you need to get a loan to buy a car or a house in the near future, filing for bankruptcy could make it difficult to get financing.

It may also be difficult for you to get certain jobs if you have ever filed for bankruptcy. Jobs in the financial sector and government jobs often bar applicants with what they consider risky financial pasts.

It is also important to note that not all debt is forgiven when you file for bankruptcy. Tax debt, back child support payments, and student loan debt are just some of the many types of debt that are nearly impossible to wipe away, aka discharge.

An experienced bankruptcy attorney like those here at Padgett & Robertson, can make sure you have considered all of your options before helping you file for bankruptcy. We can also offer advice about which type of bankruptcy would work best for you. Please contact us today to schedule an initial consultation.


Archived Posts

2020
2019
2018
2017
2016
2015


Bankruptcy Law News

Padgett and Robertson assist clients with Bankruptcy, Personal Bankruptcy, Consumer Bankruptcy, Chapter 7 Bankruptcy, Chapter 13 Bankruptcy and The New Bankruptcy Law in Mobile, Alabama and throughout southern Alabama. Alabama State Bar Association Regulations require the following: "No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers." 11 U.S.C. 528 of the U.S. Bankruptcy Code requires the following: "We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.”



© 2020 Padgett & Robertson
4317 Downtowner Loop N., Mobile, AL 36609
| Phone: 251-342-0264

Personal Bankruptcy | The New Bankruptcy Law | Testimonials | About Our Firm | Bankruptcy | Client Resources | Getting Started

Facebook

Attorney Website Design by
Zola Creative


Alabama State Bar Association Regulations require the following: "No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers." 11 U.S.C. 528 of the U.S. Bankruptcy Code requires the following: "We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.”