Why File Bankruptcy?

by May 14, 2020Uncategorized0 comments

According to the Bureau of Labor Statistics, in March 2020 there were nearly 7.1 million unemployed people in the United States. That number rose to approximately 15% and 23 million people in April. It is expected that this number will greatly increase as the economy struggles to recover. With many people facing financial uncertainty in this unprecedented time, KTO Law Firm is here to provide hope, insight, and guidance.

Why should you or anyone else consider bankruptcy? To be clear, filing for bankruptcy should be a last resort for individuals facing economic hardship. With that said, it is important to remember that the law does provide remedies for a person facing financial hardship. In fact, in 1800 the first U.S federal bankruptcy laws were enacted as a temporary response to bad economic conditions. Bankruptcy laws help people get a fresh start when they can no longer pay their creditors. According to the U.S. Bankruptcy Court, District of Arizona, the primary purpose of bankruptcy law is “to give an honest debtor a fresh start in life by relieving the debtor of most debts, and to repay creditors in an orderly manner to the extent that the debtor has property available for payment.” Therefore, individuals should explore the possibility of filing for bankruptcy when they owe more than they can pay, and there is little likelihood that they will be able to make reasonable accommodations to settle the debts. If what you just read describes your situation or someone you know, please contact our firm by phone or text message at (623) 937-8888 for Peoria and (623) 937-9799 for Glendale. We are here to help you and your family. Just mention this post to receive your complimentary telephonic bankruptcy consultation with a firm attorney.

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