Bankruptcy

Should I file for Bankruptcy?

This is a really big question at our office. An individual calls because they are being sued by a collection agency. Perhaps there are 2 or 3 lawsuits pending, and they feel like there is no other alternative but to file bankruptcy.

Sometimes, we tell them yes, you should file for bankruptcy. Sometimes we tell them no, it’s not the right move. Knowing whether to file depends upon a number of factors. How many lawsuits are there? How much debt do you owe? How likely is it that the collection agency is going to prevail? Which is more cost effective for the client, defending a lawsuit or filing bankruptcy? What are the long term ramifications of filing for bankruptcy? What is your income?  All of these questions need to be answered before someone can advise you whether to file bankruptcy or not.

Just because you’ve been sued isn’t a reason to file bankruptcy.  Let’s talk  412-348-8600.

We do everything in our power to assist people in avoiding filing for bankruptcy. It’s not that we have anything against bankruptcy, we do know that it is often the right way to go for many people. For those who have mountains of debt, little to no income or who are just in too big of a hole to dig their way out, bankruptcy may be the wise choice. From our perspective, though, we don’t believe that bankruptcy is an option where there is only one or two defaulted accounts, or where the total debt outstanding is relatively small, or where most of the debt is owned by junk debt buyers. (As mentioned MANY times on this site elsewhere, a knowledgeable consumer attorney is going to win a debt buyer claim 9 times out of 10). I would like to help the individual repair their credit and get on with their financial lives as quickly as possible and bankruptcy is not conducive to that goal in many cases. A seven year mark on your credit report is a long time. If bankruptcy can be avoided, then let’s avoid it.

If you have a credit card company or a collection agency attempting to collect a debt from you, or if you are facing several credit card lawsuits, please contact our office at 412-348-8600 or send an email to Attorney Greg Artim

Meet Greg Artim

Greg Artim is an attorney who focuses on Consumer Law issues in Pennsylvania, including credit card lawsuit defense, FDCPA claims, credit report problems, Lemon Law, Student Loan lawsuit defense and debt negotiation. With over 2500 collection cases under his belt, Greg can advise on your legal issue and determine an appropriate course of action, be it a negotiated settlement or lawsuit defense.

Call our office today at 412-348-8600

or email greg@gregartim.com

Free, No Obligation 15 minute Consultation

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