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Avoiding Bankruptcy Can Cost You Money
Avoiding bankruptcy when you know that it’s the smartest choice can cost you money.
In almost every case my clients really did everything they possibly could to avoid bankruptcy. But mistakes are easy to make.
Do not do any of the following before consulting an attorney:
- Borrow money to pay for borrowed money
- Draw down savings to pay in full for negotiable debts
- Withdraw funds from life insurance, 401(k) or other retirement account
- Sell real estate or other assets
- Borrow from friends or family
Any of these can easily turn into a costly mistake, and I advise that you seek counsel to determine whether bankruptcy might be a smarter choice. It may be comforting to believe that better times will follow your financial difficulties, or that your heavy debt is just within your reach. But just because it’s comforting doesn’t mean it’s wise. Talk to a lawyer before you make a decision you may regret.
If you have the ability to repay your debts, then pay them. But if you can’t repay your debts, avoiding bankruptcy just delays the inevitable.
Avoiding Bankruptcy Can Cost You Money
Don’t avoid bankruptcy just for the sake of avoiding bankruptcy. In many cases, bankruptcy can actually improve your credit score.
I’m not a psychiatrist or psychologist. I am a lawyer. To effectively represent you, I do not really need to know why avoiding bankruptcy may be really important to you. This is especially true in those cases where you could potentially lose a lot of money.
But if I can put your mind at ease, I consider that part of my job. In many cases, taking no action at all before filing bankruptcy is absolutely the smartest choice that you can make. However, avoiding bankruptcy when it can save you money makes very little sense.
They Called. They're Glad They Did.
Brian Lee from Lee Legal was an amazing attorney to work with. He took his time, reviewed my documents and we discussed my situation thoroughly. He explained the process and my options as well as gave his recommendation. Not only did he assist, but he ensured that I knew this...
I was very nervous and scared about going through this process. But Brian was very knowledgeable and helped me through it. I was notified about any and all updates to my case and he was very responsive when I had questions regarding any concerns I had. Although a bit nerve...
Brian provided me with a very detailed analysis about my potential case after our first consultation. He promptly responded to all my complex questions, especially navigating student loans and some tax discussions. He is very professional and experienced at what he does, I would...
I've had the pleasure of working alongside Brian V. Lee for several years, and I can say without hesitation that he is one of the most knowledgeable bankruptcy attorneys in the DMV area. Brian's command of Chapter 7, 11, and 13 practice is exceptional, and his clients in the DC...
Brian has the amazing talent of taking complicated legal matters and distilling them down to seamless, frictionless resolutions. He is a phenomenal problem solver and a trusted advisor.
Brian is both warm and professional. He helped me navigate a financial issue that I had not been looking forward to working on and he made the entire experience non-stressful, receiving a lot of anxiety I had around the matter. He is straight forward and a fantastic problem...
I had the opportunity to work with Brian at a time when I was challenged by a professional setback and forced with the challenge of making some very difficult legal decisions. Additionally, I worked with him again as I was dealing with some financial issues pertaining to my...
Still several years from Public Service Student Loan Forgiveness and saddled with significant student loan payments in proportion to my income, I came to Lee Legal to explore the bankruptcy path. Through his counsel, Brian took the fear out of the process and helped me to...
