Two Main Purposes Of Bankruptcy

Most laws are put in place to serve a purpose. Criminal laws are designed to protect the public from illegal activity and civil laws are used to sort out disputes between people, that do not involve crimes. The hope is that through the proper application of the laws that apply to your particular circumstances, a fair and equitable result is reached. We all know that sometimes the laws fail to deliver on this point, but the alternative is to live in a world without much order and that is not a viable option. When you have a need, the first thing to do is to look for ways to meet that need. When the need is related to the law, you have to take special care to partner with a knowledgeable attorney for help.

When the issue you are facing has to do with how much, or how little, money you have at your disposal every month the answer might be to file for bankruptcy. The two main purposes of bankruptcy are to:

•         Give you a fresh financial start, so that once free from overwhelming debt you can manage your money in such a way as to be able to pay all your bills on time without the worry of a foreclosure or repossession.

•         Provide repayment to those creditors who hold loans for collateral you wish to keep, without preferring one lender over another. Equal treatment of your lenders is one of the purposes of the bankruptcy laws, but it is a balancing act between doing that and getting you out of debt. In order to strike a balance that seems fair, the bankruptcy laws were revised in 2005 to try and put debtors and creditors on more equal footing.

Even though one part of bankruptcy is meant to repay debt, the driving force behind the law is to help the honest, but unfortunate debtor. Bankruptcy laws were written with that goal in mind, and the result may not be perfect, but there are plenty of opportunities for financial help through the process. If you need help getting out of debt, call us today. We can explain how bankruptcy works, and how it can play an integral role in getting you out of debt.

For more information about bankruptcy, contact us today at www.law-ri.com. We will help you come up with solutions that work for your family, and have multiple locations where we schedule appointments so you can make a choice that is convenient for you.