• Home
  • Bankruptcy in Brief
  • ABC’s of Bankruptcy
  • Considering Bankruptcy
  • True Stories
  • Chapter 13
  • Blog
  • About
  • TOC

Northern California Bankruptcy Lawyer

On The Bankruptcy Soapbox

The Soap Box
  • How bankruptcy works
  • Mortgage Matters
  • Consumer Rights
  • You & Your Lawyer
  • Small Business
  • Family Law

Debt Is Nothing To Shrug Off

By Cathy Moran

When this site was young,  U.S. Armed Services disclosed that a significant number of service personnel could not be deployed overseas because they had too much debt.

The military said that excessive debt both distracts from job performance and makes the G.I. vulnerable to corruption.

It’s the same for the rest of us and it’s the same today.

Dealing with debt

Civilians buried in bills try, to their credit, to soldier on, reluctant to recognize that they can’t ever pay off the amount they owe.

They fret about their credit score, when their balance sheet and their emergency funds are more important.

They would do well to recognize, as the armed services do, that debt is debilitating. It impacts families. It sucks energy, optimism, and focus from the person who owes more than they can comfortably pay.

Long terms needs squeezed out

Too many bills stands between the consumer and the savings necessary to meet the unexpected. Without a reserve, an emergency too often triggers more borrowing. And the terms on more credit in the face of an emergency are wretched.

Old age isn’t unexpected, yet too few are making provisions now for the entirely predictable old age. Life expectancy is increasing while retirement savings are stagnant.

Take your life back

The law has a remedy for too much debt in the form of bankruptcy.

The need for a fresh start was recognized by the Founding Fathers long before consumer credit was a thing. The Constitution empowered Congress to make uniform bankruptcy laws for the whole country.

The bankruptcy discharge is legal, effective, and empowering.

Consider gettng a fresh start if debt is interfering with your life.

More

Should you hold or fold?

Debt can kill you

Debt makes you stupid

The secret alternative to bankruptcy

More from the Soapbox

  • Get Annual Credit Report For FreeGet Annual Credit Report For Free
  • The Foreclosure That Was Longer Than War & PeaceThe Foreclosure That Was Longer Than War & Peace
  • Why You Don’t Want A Bankruptcy Attorney To Fight For YouWhy You Don’t Want A Bankruptcy Attorney To Fight For You
  • Does Bankruptcy Bar Retirement Savings?Does Bankruptcy Bar Retirement Savings?
  • The Most Important Bankruptcy Decision Of 2013The Most Important Bankruptcy Decision Of 2013

Filed Under: Featured Tagged With: fresh start

About Cathy Moran

I'm a veteran bankruptcy lawyer and consumer advocate in California's Silicon Valley. I write, teach, and speak in the hopes of expanding understanding of how bankruptcy can make life better in a family's future.

Bankruptcy Basics

About The Soapbox

You’ve arrived at the Bankruptcy Soapbox, a resource of bankruptcy information and consumer law.

Soapbox is a companion site to Bankruptcy in Brief, where I try to be largely explanatory and even handed (Note I said “try”).

Here, I allow myself to tell stories and express strong opinions. We dig deeper into how to consider bankruptcy and navigate a bankruptcy case.

Moran Law Group
Bankruptcy specialists for individuals and small businesses in the San Francisco Bay Area

How Bankruptcy Works

Bankruptcy Alphabet: F is for First

In my Bankruptcy Alphabet, F is for First meeting of creditors. Lots of rumors exist about the that meeting; it produces unwarranted anxiety that is avoidable if you understand what's up. Let's check it out. The first meeting of creditors, also called the 341 meeting, is often the only time a debtor has to appear … Read more

More Posts from this Category

643 Bair Island Road
Suite 403
Redwood City, CA 94063
Phone: (650) 694-4700
Phone: (650) 368-4700

Categories

All content copyright © Moran Law Group. All rights reserved.