At ESSERLAW LLC (formerly Todd C. Esser & Associates), we view the filing of a petition for relief under the bankruptcy code to be a remedy of last resort. Before we would counsel a client to consider bankruptcy relief, it is first important to exhaust all other available remedies. For this reason, we typically will meet with a client to review the big picture:
- What are the total debts the client has i.e. mortgage, car, credit cards, medical bills, tax obligations, student loan debt, as well as any other debt.
- What is the client’s family structure i.e. how many dependents are they supporting.
- What is the family income, is there more than one income earner.
- What is the rate of pay and household budget.
We also look at the availability of assets and the potential to fund a settlement with creditors based on available equity in assets or to fund a repayment plan and the viability of working with Consumer Credit Counseling to set up a debt management plan.
In addition, ESSERLAW LLC provides budget counseling for clients to help them to resolve debts on their own by adjusting budget expenses, eliminating wasteful spending and paying off liabilities over time.
So to make a long answer short, if there is no other viable alternative to considering bankruptcy then bankruptcy is appropriate. If the client sincerely can project that they do not have the financial ability to make progress on repayment of debt, then bankruptcy becomes an appropriate remedy to consider whether a bankruptcy repayment plan under Chapter 13 or complete debt elimination through Chapter 7 of the bankruptcy code. Schedule a free debt relief consultation today.