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Too Broke For Bankruptcy?

man turning out his empty jeans pockets


A common response bankruptcy attorneys are hearing these days is that “I don’t have the money to go bankrupt.” The economic recession that commenced in 2008 has seemingly taken its hold on even those still working and trying to get by. What just a few years ago was difficult to fund is now impossible. Such has been the focus of numerous articles, including this recent one reprinted on MSNBC. MSNBC- The Working Poor 

This creates enormous challenges for Law Firms such as ours, whose goal remains the elimination of these debt burdens through the Federal Bankruptcy Law. The long stated purpose for the bankruptcy law is to provide debtors with debt relief and the opportunity for a “fresh start.” Given the current economic state, the need for bankruptcy relief is now greater than ever. The elimination of that debt burden is often the only way one keeps their home or even pays the necessary bills. This protection was and remains the fundamental goal of the Bankruptcy Code. The first statutory bankruptcy act in the United States was signed by President Ulysses Grant in 1869 and the English common law provided for other forms of debt relief going back hundreds of years before that. Regrettably, however, with the changes to the bankruptcy laws of 2005, this protection is now more complicated and expensive, sometimes making it seemingly out of reach for many individuals. 

Abelson & Truesdale remains committed to our purpose of providing these vital legal services to as many individuals as possible. We have reduced our fees to accommodate those with severe financial difficulties and have created new and extended payment plans to permit individuals to obtain the benefit of our unique specialized services in Bankruptcy Law. We will work with all clients, if at all possible, to develop an individualized payment plan to ensure that the bankruptcy relief remains available to those who need it the most.