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Article by Andy Miofsky, Illinois Bankruptcy Attorney

Bankruptcy Law Network, Dec. 1, 2011

Sometimes it makes more sense to let go of the past and start building a new future. Chapter 7 Bankruptcy can be your solution.

Does this debt arrangement conversation sound familiar?

Client: I want to make arrangements to pay this debt.

Me: Ok, how much can you offer to pay?

Client: Nothing, I don’t have any money?

Is it any wonder the bank will not work with you? Be realistic, creditors want cold hard cash, not talk, not arrangements. If you cannot make a payment, your arrangement, while well-intentioned, is nothing more than an empty promise. It is time to check into reality.

Look, if you owe more money today than you did yesterday and you cannot pay your bills on time, you need to realize you are going in the wrong direction with your finances. You incur debt by spending money you do not have. If you do not have enough money to pay that debt you have to find another way to deal with it.

Money in, money out. If your income is insufficient to cover your debts you either need more income or less debt, or both. Bankruptcy won’t help you make more money but it can discharge some types of debt. The file that Chapter 7 Bankruptcy, wipe out that debt, then you can use your money for the things you need, for you and your family and your future.

You might find it helpful to make a list of the items you can live without, and pare them from your budget. Then you can concentrate on a lifestyle you can afford. By taking a hard look at your expenses you can determine where your money goes and you can eliminate leakage – money that you spend on impulse or frivolous items. Shake off the past and live for the future. Life without debt is a goal you can achieve through chapter 7 bank

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