If states, cities, counties, corporations, and many famous people can use the bankruptcy system to reorganize their economic affairs, why can’t you?
Hello, this is Jeff Kelly and in this podcast, I’m going to talk about why you are receiving this letter about someone who’s trying to sue you. Well, one of our big sources for potential clients is a list of people who are getting sued. So one of the most common questions we get is, “Hey, this is my personal information; my name, my address, and the name of this creditor that you say is suing me. How did you get this information?” It’s all public record down at the courthouse. So what we do is we try to help people with Chapter 13 and Chapter 7 and we try to come up with plans to help people deal with all of their debts; the entire situation. Try to help get some relief from the stress of dealing with debt. Now another common question we get is, “Hey, I don’t recognize this name of this creditor that you say as suing me. So how do I know it’s true? Or I want some more details here. When am I going to get more detail?” And usually within about a week of receiving our letter, the sheriff is going to come out to your house and the sheriff is going to serve you what’s called a complaint. Usually these complaints are anywhere between 20 and 30 pages and all the details are going to be in that complaint. Who purchased the debt — A lot of people don’t realize this, but debts get bought and sold a lot by various creditor collection companies. For example, usually if somebody falls behind on credit card debt, typically ...
Will filing bankruptcy ruin your credit? Hello, my name is Jeff Kelly. I’m a bankruptcy attorney. I’ve been practicing for about 22 years now. And in today’s podcast, I’m going to answer that question. Well, I can just tell you right out of the gate, my goal as a bankruptcy attorney, when I have a client come in and meet with me, when it comes to credit, my goal is to take any expectations that they have about credit and just beat them into the ground. I don’t want people to come into bankruptcy with false ideas. And there’s nothing worse than unmet expectations. So, I tell people, “look, we are about to take a big giant wrecking ball and it’s going to go clunk, clunk, clunk, clunk, clunk! Boom, to your credit when you file.” But the funny thing is, the people who I meet with, who seem to be most concerned about their credit are people who have already had their credit ruined by garnishments and judgments and I have a client – I’ve had potential clients out – I just can’t do it. I just can’t afford to wreck my credit and I’m looking at it at their credit report and I’m like, “you’ve got to be kidding me. Your score is 550, you have 10 judgments against you. You’re currently being garnished. They’re taking 25% of your income.” So I think what’s going on is a lot of people – it’s very common for people to make decisions that are just based on emotion. And when it comes to whether to file or not to file bankruptcy, emotion really has to go ...
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