In the financial world, one thing lingers to be perpetually true- that is filing for bankruptcy should always be considered as the last resort. Bankruptcy has become a common word especially in the financial world where many people strive to make the best out of their money in order to have a good quality of living. The image of bankruptcy has grown over for years as a desperate act and as a sign of weakness especially in terms of financial and management standing.
This fact makes bankruptcy a thing to be avoided by many because of its long term effects on the credit-worth of a person filing for it. It is greatly necessary to examine all things thoroughly before considering bankruptcy for it entails a lot of personal and emotional difficulties in the years thereafter.
This false image of bankruptcy is, however, not true to all situations. Though it still remains that declaring bankruptcy ought to be the last thing to enter one’s mind, the impression of it as a reflection of the person’s financial mismanagement is not always true. There are also situations wherein declaring bankruptcy is the solitary viable option of regaining control over huge amounts of debts and mountains of liabilities.
One inevitable reason which may lead a person to apply for bankruptcy amongst thousands of other applicants is the occurrence of financial difficulties brought about by a divorce situation. Statistics show that thirty percent of all bankruptcy applications root from this case because most often than not, after a divorce challenge, all the liabilities becomes halved between the two petitioners making their financial life a lot harder than their married state. Unpaid bills and credit cards with towering interest rate is a primary cause of the mountainous debt accumulated over the years. When this happens and the person finds no single alternative in remedying the situation, applying for bankruptcy is already a considerable option.
Another compelling situation which one can experience is the rise of bills with regards to an unexpected hospitalization and medical services. Although some have insurances for medical endeavors, there are times when the payments to be made are not covered by insurances or even if covered, the bills have already exceeded the limitations for medical support. This scenario leads to a very saddening and challenging life full of debts and interests due to unpaid bills in hospitalization. In this case, bankruptcy becomes the only way to resolve it.
Also, a common case which covers about ten percent of all bankruptcy applicants is the unpaid credit cards and student loans of those enrolled in college. People who are faced with mounting credit card bills coming from many credit companies will find the situation very daunting. If no extra income source can be found immediately, there is no way out but to declare personal bankruptcy.
Bad business venture, sales flop, new product launching or collection problems can truly damage the cash flow of a business. This has not spared even the biggest multi billion corporations. Such situation can render executives insolvent and thus file for bankruptcy.
Although bankruptcy can become a very hard strife for a person lacking financial resources, there are available services which can offer help for a person to recover and regain control his financial predicament.
What Actually Happens When You File For Bankruptcy
What happens when you can’t pay your debts? Well, once upon a time such as in ancient Greece you might have ended up in debt bondage. Being a debt slave meant that you and sometimes your family would work for the person you owed money to pay off your debt. This is distinct from slavery, since you were freed once your debt was paid. Later on in history, like in Victorian England, the poor were sent to horrific debtors’ prison and would only be released when their debt was paid in full by friends or family. Other debtors’ prisons functioned similar to workhouses and a debtor worked off not only their debt, but their room and board to be freed.
Currently, many countries now practice some form of bankruptcy which reigns in debt and allows debtors to get a fresh start financially. That’s not to say that questionable debt practices no longer exist; in some parts of the world, such as South Asia and Sub-Saharan Africa debt bondage is still practiced. The United Nation estimates that 8 million people are trapped in bonded labor. Thankfully, there are many groups working to improve lives of and free people from what the UN considers a ‘modern day slavery practice’.
However, today we’re discussing the basics of how personal bankruptcy functions in the United States. There are actually 6 different possible types of bankruptcy in the US. They are each named for the portion of the Bankruptcy Code they are found under: Chapter 7, Chapter 9, Chapter 11, Chapter 12, Chapter 13 and Chapter 15. Each Chapter addresses a different type of bankruptcy, for example Chapter 9 applies to the bankruptcy of municipalities such as towns or cities.
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When Should I File Bankruptcy? - Dave Ramsey Rant
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Filing Bankruptcy | My Experience | LifeWithMC
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What to expect if you file for bankruptcy
After talking with a Licensed Insolvency Trustee, David and Julie decide that bankruptcy is the most appropriate option to handle their debts. The trustee explains the way their creditors will be paid and what they will need to do during the bankruptcy process.
This is When Filing Bankruptcy is Your Best Option
Bankruptcy isn’t the last resort most people think. In fact, answering the question, Should I file bankruptcy comes down to a couple of simple questions. Partnership with Upsolve
Millions of Americans have filed bankruptcy for a fresh start on their financial lives. There are a lot of misconceptions and misunderstandings with filing bankruptcy though so I wanted to make a step-by-step bankruptcy guide to answer all your questions.
Once you’ve decided, see how much you can save on the cost of bankruptcy by using the Upsolve App. It’s a free bankruptcy app to help you file without a lawyer.
We’ll start with the basics like, What is Bankruptcy and what happens when you file. We’ll look at the different types of bankruptcy, chapter 7 and chapter 13, as well as the pros and cons of bankruptcy.
I’ll show you three bankruptcy alternatives and then reveal three scenarios for deciding if you should file bankruptcy. It’s everything you need to know in an quick video.
Don’t let the cost of filing bankruptcy stand in your way of a fresh start. Know how personal bankruptcy can help you get out from under your debts.
2:00 What is Bankruptcy?
2:37 What is Chapter 7 Bankruptcy?
3:11 What is Chapter 13 Bankruptcy?
3:36 Pros of Filing Bankruptcy
4:02 Cons of Filing Bankruptcy
4:44 Alternatives to Filing Bankruptcy
6:55 Scenarios When Bankruptcy is Your Best Option
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Joseph Hogue, CFA spent nearly a decade as an investment analyst for institutional firms and banks. He now helps people understand their financial lives through debt payoff strategies, investing and ways to save more money. He has appeared on Bloomberg and on sites like CNBC and Morningstar. He holds the Chartered Financial Analyst (CFA) designation and is a veteran of the Marine Corps.
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Here’s What Actually Happens When You File for Chapter 7 Bankruptcy
There are plenty of myths, lies, half-truths, and stigmas surrounding bankruptcy. As bankruptcy attorney David Shuster reveals in this interview, they are far from reality.
David Shuster is a debt relief attorney with Shuster Law, PLLC in the Dallas—Fort Worth area. He says that a quick, private phone call to an attorney can give you eye-opening advice.
Contact David directly by calling 888-365-0921.
Learn more at his AskTheLawyers.com™ profile:
Topics covered in this interview:
0:28 - Why is there a stigma surrounding bankruptcy?
2:01 - How do people react to their first meeting with a bankruptcy attorney?
3:13 - What is Chapter 7 bankruptcy? How does it work, step by step?
4:41 - Do you lose your assets when you file for bankruptcy?
6:10 - In Texas, will you lose your house or car when you file for Chapter 7?
7:12 - What sort of debts can you discharge in Chapter 7?
8:32 - At what point should someone ask a lawyer about bankruptcy?
10:17 - How does bankruptcy affect your credit?
Disclaimer: This video is for informational purposes only. In some states, this video may be deemed Attorney Advertising. The choice of lawyer is an important decision that should not be based solely on advertisements.
Are You Thinking About Filing for Bankruptcy Due to the Corona Virus Pandemic? Watch This First!
Hi all! Today is May 16th, 2020 and 33rd day of my personal investment journey. Markets are closed today so we're going to talk about a word most people whisper BANKRUPTCY!! Please know that its okay and not the end of the world.
Also check out this website I found that will help you fill out all the forms for you bankruptcy in your state:
Let me know your thoughts and thanks for watching!
Thanks so much for joining me on my personal investment journey. In our great American history, we know that in a down market, millionaires are often created through starting businesses, buying properties, or even investing in the stock market. Because Corona (covid-19) has impacted the economy considerably, I am choosing to invest $500 of my savings into the stock market and document my journey.
I post 2-3 minute videos daily updating you on how much I've gained and/or lost, tips on investing, and current news surrounding publicly traded companies. Subscribe, like, and comment!
Legal Disclosure: I’m not a financial advisor. The information contained in this video is for documentary purposes only. Please research and/or consult a licensed financial professional BEFORE investing. Any stock purchases I mention are not considered “investment recommendations”. I shall not be held liable for any losses and/or gains you may incur for investing and trading in the stock market in an attempt to mirror what I do. Unless investments are FDIC insured, they may decline in value and/or disappear entirely. Please be careful!
COVID-19 Financial Fall Out - Getting the Facts about Chapter 7 Bankruptcy in Arizona
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In this video, I discuss what a Chapter 7 Bankruptcy can do for you and what you can expect from the process.
Covid-19 Bankruptcy Chapter 7 | 5 Things You MUST Avoid if Chapter 7 Bankruptcy is in Your Future
If you are facing chapter 7 bankruptcy because of COVID-19 you MUST avoid these 5 things.
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Should I File Chapter 7 Bankruptcy Because of Covid-19?
Even in the best of times there is a place for many of us to file chapter 7 bankruptcy. With Covid-19, and all of the job loss, and people losing businesses, there will likely be more chapter 7's filed than during the housing lead recession, or even the record set in 2005.
There are alternatives if you do not qualify for chapter7, but for those that can qualify, you will want to take a serious look at getting a fresh start with your finances using this approach.
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BARÇA COULD FILE FOR BANKRUPTCY‼️????
We finally got rid of Bartomeu but we surely won’t escape his economical heritage… Since the management commission lead by Carles Tusquets has arrived, the real financial situation of the club has been unveiled and the situation is so critical that the club could be filing for bankruptcy and it would be sold to the best bidder! It is truly a concerning situation which can hopefully be fixed otherwise the club is doomed.
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Can My Wage Garnishment Be Stopped By Filing Bankruptcy in Georgia?
If your wages are being garnished in Atlanta or if you are being threatened with a wage garnishment in Georgia, you may feel like your situation just went from bad to worse. If you are unable to pay your bills on your full salary, you most likely cannot afford to have your wages garnished.
Wage garnishments are when a creditor of yours takes money out of your paycheck without your voluntary approval. Now, you can actually stop the garnishment through a Chapter 7 or a Chapter 13 bankruptcy. There are even some situations where we can get money that's been paid to a creditor through a garnishment back to you. Time is a factor, so don't wait.
Millions of people have fallen on difficult times because of a loss of a job, divorce, medical issues or other difficult challenges. You are not alone. We are here to help. Call King and King bankruptcy attorneys at 404-524-6400 for help today, or visit us online at kingandkingattorneys.com for more information.
Buying a Home After BANKRUPTCY | ** 5 TIPS!! **| EMPTY HOUSE TOUR!!
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Heyyy!! It's been a minute!! Here's a life update! LOL Ya girl had to get her life! Check out this video about how I bought my first home. I'm even giving you a look inside. I hope you enjoy! Love you bunches! XOXOXO
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Corona Virus Update: You can now file bankruptcy without ever leaving your home.
In this video, I talk about changes that the court has recently made that will allow you to review court documents from the comfort of your home.
Bankruptcy Sucks SO BAD!!! || Texas Art and Soul
Listen to my story of Bankruptcy and how I used Art to heal! Also, check out a fun way I learned how to make money using art!
Dave Ramsey's Debt Snowball v. Chapter 13 Bankruptcy
In this episode, we discuss the differences between Dave Ramsey's debt snowball approach to eliminating debt and a chapter 13 bankruptcy approach, and what may be the best option for your situation.
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How do you know when it is time to file bankruptcy?
Making the decision to get off the fence can be difficult. Honestly, most of my bankruptcy clients stay on the fence until the last possible second. How can you know when it is time to file bankruptcy? I hope this video will help answer that question for you.
The Bankruptcy Automatic Stay - Attorney Shaye Larkin [www.ShayeLarkin.com] 415.346.1799
Hello, I'm Shaye Larkin. For more than 20 years now, I've been handling Chapter 7 and Chapter 13 bankruptcy cases. In this video, I talk about the bankruptcy automatic stay - what it its, what it does, and when it does and does not come into play. Stay tuned for more videos on the bankruptcy process! Office: 415.346.1799 Text 415.967.3714
*As required by law: Shaye Larkin is a Debt Relief Agency as that term is defined by the United States Bankruptcy Code. She helps clients to file bankruptcy. Licensed in California only. The information provided in this video is general information only and not legal advice. The information provided in this video does not create an attorney client relationship and is not a substitute for having a consultation with an attorney. It is important to have a consultation with an attorney as the information provided in this forum is limited and cannot possibly cover all potential issues in a given situation.
With bankruptcy will I have to go to court? What does the trustee look for?
coloradobankruptcyadvice.com You never go to court. There are some rare instances, but 99% of the cases are never in a court and you never see a judge. Everyone has to go to the creditors meeting and that's where you sit down with the trustees. They look over your bankruptcy petition. The focus is different depending on what type of bankruptcy you are filing.
With a Chapter 7 bankruptcy , the trustee is looking to see two things:
1. Do you qualify - are you under the income limitations for your family size? For a single person in Colorado that's $45,000; for a family of 4 in Colorado, that's $78,000. The bigger your family, the higher your income can be.
2: Do you have something that's non-exempt that they can take to pay creditors. In most cases, it's your tax refund. If you have a tax refund coming that you haven't received, the trustee has the right to take the taxes and use it to pay creditors.
In a Chapter 13 bankruptcy, they aren't looking to take anything from you. They're looking to see if you gave them all the information they need to make sure you can actually afford the plan payment. Are you eligible for a Chapter 13?
With the Meeting of Creditors, your creditors have the right to appear. Sometimes that freaks people out because the last thing they want is Chase Bank in there saying 'how could you do this to me? You ran up the credit card... It sounds like a scary meeting but the reality is only 1 out of 100 cases have a creditor show up.
Credit card companies do not generally show up for the meeting of creditors. Mortgage companies, car lenders, they don't usually show up either. They only people who usually show up are when you had a business and you're discharging a debt from another business; ex-spouses tend to show up -- but we usually have a good idea when we look at your list of creditors and from what you've told us, about that creditor, and we'll tell you 'don't be surprised if this creditor shows up.
The only thing they can do is ask questions. If you have a Chapter 7 meeting, the trustee's only concern is whether or not you hid an asset from a creditor. As long as you revealed everything regarding your assets and your debts, regardless of who shows up, you've got nothing to worry about.
If a husband and a wife are in a situation where it looks like bankruptcy needs to be done, does it need to be both spouses, or just one or the other, and what's the impact on the spouse who doesn't file?
One spouse can file without the other one filing. At the first meeting, if there is a spouse who is reluctant to file, we break apart the debts. I have a lot of clients who keep their debts separate from each other and only have debts in their name. Other times, one spouse has the mortgage and car payments and they want to keep those and the other spouse has the credit card debt and that's what's keeping them down. In that situation, we file on the one with credit card debt and the other spouse isn't affected by it. The only impact it has on the non-filing spouse is that their income counts as to whether or not they qualify for a Chapter 7.
The non-filing spouse is anonymous in the filing. If they have a debt that is held jointly, like a mortgage, the lender may put a note on the file saying that the co-debtor filed bankruptcy.
What if I have a very small business that I'm the proprietor of or that I have 1-2 partners -- what happens to my business? Most of the time, nothing. We look at the value of your assets in the business. In Colorado, you get a $20,000 tools of the trade exemption. If the value of the stuff you use to run your business is less than $20,000, the trustee can't touch it at all (and these are liquidation or fire sale prices). Most of the time, people with small businesses can keep their businesses whether you're doing a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. That's a common misperception -- that you'll lose or have to shut down your company. A lot of small business owners actually see their businesses flourish after they file bankruptcy because their outlook is different. Instead of focusing on how they're going to pay the debts they owe, they are focusing on how they'll use their creativity and talents to do the thing they're good at.
Call Kevin Heupel at 720-319-8900 or visit coloradobankruptcyadvice.com to talk about your options.
Can I File Bankruptcy Myself?
For more information visit us at or call us at 1-800-220-4318. Filing for Bankruptcy without the assistance of an attorney is usually a bad idea. Yes you can do it but Bankruptcy is governed by the Federal Bankruptcy Code and all procedures must be followed or your case will likely be dismissed which could possibly prevent you from re-filing the case.
When To File Bankruptcies
When To File Bankruptcies
--How To Get Out Of Debt [3 Steps]
Wondering when to file bankruptcies? In the video I share when you should file bankruptcy. Also, I share the two different types of bankruptcy, chapter 7 bankruptcy and chapter 13 bankruptcy. Pros and cons of filing bankruptcy. Check out the video if you’re wondering when to declare bankruptcy. Enjoy!
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Debt Relief & Temporary Hardship Options During COVID-19 Crisis: A Bankruptcy Attorney's Perspective
The Covid-19 pandemic has resulted in layoffs and income reduction across many households. The financial hardship has in turn led many people to contact bankruptcy attorneys seeking relief. Karine Karadjian discusses some financial relief options currently available to those affected by Covid-19 in an effort to prevent impulsive bankruptcy filings for situations where a bankruptcy may potentially be avoided.
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Bankruptcy: How and when to file
Join in this webinar for an overview of bankruptcy. Community CPA will be joined by attorney Don Nguyen of Docuserv, who will provide information on the process, steps, and consideration so that you are informed about the next steps for your business, as well as how Community CPA can help you in the process.
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Community CPA & Associates, Inc. is not your average accounting firm. CEO and Certified Public Accountant, Ying Sa, and the rest of the team have a world of experience in domestic and international tax audit and dispute, tax planning, tax filing, accounting, payroll, and audit of non-profit and for-profit companies. No matter how simple or complex the situation you are in, Community CPA offers strategies and solutions that is easy to understand and quick to implement. A global accounting firm with a multilingual staff speaking 9 languages, we work with everyone from startup immigrant entrepreneurs who need help navigating the complexities of doing business in America, to large multinational American-run corporations. At Community CPA, our team members are more than accountants to our clients; each team member is considered a mentor, cheerleader, adviser, and partner in our client's successful business venture.
What to expect when you file a Chapter 7 bankruptcy
Most people know the goal of a bankruptcy- to be relieved from the burden of debt. But what exactly happens, how long it takes and what a person needs to do are not well known. In this video Michelle reviews the basics of a chapter 7 bankruptcy and what you can expect to occur.
For information on the information you will need to provide to your attorney to file bankruptcy you can watch this :
For information on the difference between Chapter 7 and Chapter 13 you can watch this:
Not all debts can be discharged
For information on bankruptcy terms watch
Amarillo Bankruptcy Lawyer | Bankruptcy Attorney Amarillo Texas
Amarillo Bankruptcy Lawyer | Need help getting out of debt?
Are you ready to work with an Amarillo bankruptcy lawyer to discuss what options are best for you? Bankruptcy can be a very serious situation and should never be faced alone. The Law Office gives debtors an opportunity to speak with skilled legal professionals and discuss what benefits filing for bankruptcy may have on their particular financial crisis. Our dedicated network of Amarillo bankruptcy lawyers proudly provides assistance to residents of Amarillo and the surrounding areas.
Amarillo bankruptcy lawyer helps individuals and families determine if filing bankruptcy is the right option for them. For many, bankruptcy provides a necessary financial fresh start and ends the constant stress and harassment that accompanies overwhelming debt.
Amarillo Bankruptcy Lawyer | Bankruptcy Attorney Amarillo Texas
Many people in and around Amarillo and the Texas Panhandle are turning to bankruptcy for help getting back on the right track financially. As in years past, filing bankruptcy no longer carries as an extreme negative stigma, and provides a quick, streamlined process to discharge or reorganize your debt. As I'm sure you've seen in the news, many leading American businesses have used bankruptcy as a means to stay in business and get a fresh-start.
As terrifying as bankruptcy can seem to most people, there is no reason to fear it. Bankruptcy can actually be beneficial to you and your family. Depending on which Chapter under which you decide to file, you may be able to repay your debts or eliminate your debts altogether. Bankruptcy can also stop foreclosure on your home or property and stop the harassing calls from collectors and creditors.
Of course, bankruptcy is something that most people hope to avoid, but there are circumstances, such as unemployment, pay cuts, medical problems and other economic situations, that can lead to a situation that bankruptcy is a viable solution. If you are in a tight financial situation and have debts beyond your ability to pay what is owed, bankruptcy can be a valid option and a way out of financial trouble. Ironically, many times folks can become more attractive candidate to banks when applying for mortgages or loans after a bankruptcy.
Amarillo Bankruptcy Lawyer | Bankruptcy Attorney Amarillo Texas
The goal and greatest benefit of bankruptcy is that you will get a fresh start financially. Your credit score can be improved even though there is a bankruptcy on your credit history. Debts that are discharged in Bankruptcy will no longer hold you down, and you will then be able to live a less stressful life. In a Chapter 7 bankruptcy, your debt discharge occurs within 90 to 120 days after filing your case, and in a Chapter 13, your discharge will occur after the payment plan is complete.
If you're sinking deeper in debt, get immediate help. Call your Amarillo Bankruptcy Lawyer right now for a free consultation,
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Attorney Elizabeth Domenico, Bankruptcy Attorney, Talks about Filing Bankruptcy
Bankruptcy attorney Elizabeth Domenico discuss debt resolution and bankruptcy in Colorado Springs, Colorado.
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Common Reasons for filing Bankruptcy
We speak to people every day about their financial problems. We know the major causes which lead people to the decision to file for bankruptcy.
One major cause which leads to bankruptcy is credit card debt. Credit can give you the illusion of having money but if it is used irresponsibly, major problems can arise. Missed payments will result in compounding interest which will then lead to larger minimum payments, which are never enough to actually clear the debt in a timely manner. Sometimes, when credit card debt spirals out of control, bankruptcy can be the only realistic option.
Another major cause of bankruptcy is the loss of income through unemployment. If you have a partner who is employed, you might be able to ride out a period of unemployment. However, if you are the sole income provider for you and your family, unemployment can lead you to heavily rely on credit which will spiral you further into debt.
Divorce or separation is usually an unplanned financial trauma. For example you may be forced to maintain two households for a period of time. Some people find themselves paying both the mortgage for the matrimonial home and also rent for their new home. This financial burden is significant and during these turbulent times some people turn to their credit cards as a source of funds to cover daily expenses.
Unexpected events can dramatically rock finances. Whether it's from a natural disaster, theft, the untimely death of a loved one, or medical issues, the majority of household budgets do not have the necessary cash set aside for when these occur.
If you feel overwhelmed by your financial situation, you should call us on our toll free number 1800 003 883 for free and confidential advice.
3 Things #NOT to Do #Before You File #Bankruptcy!
If you are thinking about filing for bankruptcy you may be tempted to go out and run up your #credit cards or #pay #money to certain people like friends and family members. Before you do anything, watch our video on what NOT to do before you file for bankruptcy!
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TOP ATLANTA BANKRUPTCY LAWYERS
Saedi Law Group are experienced Atlanta bankruptcy lawyers who have been helping Georgians file for bankruptcy for over 19 years. We have filed thousands of bankruptcy cases here in Georgia and are in court every day fighting for our client's rights against creditors.
If you are currently struggling with overwhelming debt, or feel your financial situation will be severely stressed in the coming weeks, now is the best time to start looking at all options available to you. Saedi Law Group offers a free, no obligation consultation with an experienced attorney (not a paralegal) who will review your specific situation and advise you about your options for moving forward.
Our team is passionate about our work and we take it very seriously. It is a privilege to help clients and their families in times like these. Bankruptcy was created for this purpose. Please contact us today at (404) 919-7296 or email@example.com to learn about what you can do to protect your future.
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