Posted on June 3, 2008 at 4:06 am Why does it seem there are so many ads pushing you to file bankruptcy these days? I swear we have at least 3 major law firms here in Phx, AZ taht have major TV ads saying Overwhelmed by debt its a good time to file bankruptcy. You would think it wouldn't be pushed so hard too bad I couldn't go to one of them and claim there fee on the current filing :-) that would change their tunes a bit.

Posted on June 7, 2008 at 11:50 am With the current economy downturn and the rising of oil and food prices,  many people are finding it harder to make ends meet. Debt be it mortgage, credit card, car loan etc are very hard to be paid in time. Filing for bankruptcy is an option to escape paying those debt. Realizing the opportunities and money to be made, the company concerned do heavy promotion on bankruptcy filing. If I were in a position of heavily loaded  with debts, I would surely go fot it.

Posted on October 8, 2009 at 11:02 am Bankruptcy is really to protect your house from being taken away. Say you don't make your mortgage payment for a few months, because you get laid off...they will then send you a notice of trustee sale date. Then you file for bankruptcy to stop them from taking it but the catch is you have to proof that you can make the payments and the secured debt type payments for it as well.(Not all debt can be taken away with bankruptcy, only unsecured debt; which you can look up.) All in all bankruptcy is bad in that you have no financial credibility and will be using cash to pay for stuff for the next five years, or so, but it DOES provide a way to save your house, etc. Any questions, you can email me at noaharkrider@hotmail.com

Posted on October 20, 2009 at 5:10 am Bankruptcy ads?I swear that's the first time that I've heard of that. Even the government is discourages its filing.

Posted on October 20, 2009 at 5:12 am I agree Marie, that's why there in place a mandatory pre-filing credit counseling course - to let the consumer know about the alternatives to bankruptcy, like debt management and debt settlement.Would the government actually put out a bankruptcy ad?

Posted on October 20, 2009 at 5:35 am I don't think so. Bankruptcy is tedious and costly both for the government and the consumer. And it is bad for the consumer's credit so it is discouraged - not prohibited, just not the first option for debt relief.

Posted on October 20, 2009 at 5:37 am If there ever are ads related to bankruptcy, it should contain information such as the amendments of 2005. Why Chapter 7 is harder to file now and Chapter 13 is the likely chapter to file..