Debt Lurks in 3 Places, Agrees Indianapolis Lawyer for Bankruptcy, Stress Lurks in 5

September 15, 2012 8:23 pm Published by

As a longtime debt consolidation lawyer, I had to agree with the authors of the book The Fragile Middle Class when they said debt lurks in three places:

The suburban home

From dealing with tens of thousands of situations, I’ve learned there’s no one right decision when it comes to either doing everything to help stop foreclosure or letting the home go. It depends on the situation.

The bankruptcy lawyers in Columbus, Indianapolis, Anderson, Richmond,and Bloomington who work in the Mark Zuckerberg bankruptcy law offices have all been spending lots of time discussing mortgages with clients and even helping negotiate mortgage modifications. There is also appeal for clients in a short sale because that has less of a negative impact on the credit score than a foreclosure.

The divorce court

As one of my Richmond bankruptcy lawyers pointed out, whenever both bankruptcy and divorce are involved, treating both sides – and the creditors – fairly becomes a much more complex task. Remember, in offering bankruptcy services in Indiana, I am not directly involved with divorce or child custody legal issues. But, as Bankruptcy in Indiana readers now realize, those two separate legal areas have a way of spilling over one onto the other. Divorce remains one of the three main factors leading to individual bankruptcy in Indiana.

The pediatrician’s office

As my Indianapolis bankruptcy lawyers colleagues can confirm, of the tens of thousands of clients we've helped file bankruptcy in Indiana over the past twenty-five years, many have in fact been single mothers of young children or fathers struggling to afford child support.  Children’s medical costs are often a big factor when parents fail to keep control of the family’s finances.
Authors Sullivan, Warren, and Westbrook count five sources of money stress.  In every one of the five Zuckerberg bankruptcy law offices, we help clients deal with the results of those five stressors:

  1. Volatility of jobs and income
  2. High costs on credit card debt
  3. Divorce and the increase in single parent households
  4. “The astonishing ability to treat medical problems – at astonishing prices”
  5. “The fierce determination that Americans have to buy and retain a family home

Having offered Indiana bankruptcy help for more than 25 years, I appreciated the authors’ description of the benefits of filing personal bankruptcy:

“Because of bankruptcy, people who were once solidly middle class did not lose everything and fall into the lower class.  Instead” they explain, “declaring bankruptcy allowed them to shed debt, recover from pressing medical bills and otherwise free up their income so that they could concentrate on their current bills – grocery, utilities, and medical care, as well as on their old home mortgages, car loans and taxes… They could preserve a handhold on their way down the social and economic ladder.”

Preserving that handhold is precisely what our work as bankruptcy attornies in Indiana  is all about!



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This post was written by Mark Zuckerberg

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