My name is Ron Drescher. I’m an attorney practicing bankruptcy and
creditor’s rights in Maryland, Delaware, Pennsylvania and Virginia, and today I want to answer the
question is bankruptcy too good to be true? Client’s have asked me this question after
I walked them through the process and they see how the bankruptcy process can win of
them their crippling and put them on a good sound footing towards financial security. And, it just seems like it’s too good to be
true. Well, the answer to that is, it kind of depends
upon your situation. If you have significant equity in your assets,
you may have to deal with that and it may be a more expensive process and you could
expose those assets to creditors through bankruptcy. In that case, it’s not too good to be true. Another situation may be if you have debts
that are not dischargeable because they’re student loans or they’re recent taxes. In that case, it’s not too good to be true
because you’re going to have to deal with those debts even after you get through with
your bankruptcy case. But, if you have income that is below the
median income for your state, if you have significant credit card debt or medical debt
or other debt like that, that can be discharged in bankruptcy, then the bankruptcy process
may end up being fairly straight forward and give you a tremendous amount of relief from
debts that otherwise would take you years or even decades to resolve if you were making
minimum payments on credit cards. And for those people where certainly your
credit may take a hit, but most people do have their credit recover after a couple of
years, for those people, it may seem that bankruptcy is too good to be true. My name is Ron Drescher. I’m an attorney practicing bankruptcy and
creditor’s rights. And if you’re wondering whether the bankruptcy
relief you could get might be too good to be true, please pick up the phone and call
me. I would love to hear from you.