The Debt Jurisprudence™ process is an ideal alternative to filing for bankruptcy protection. There are no monthly payments, your financial information is not disclosed, nor does it become available to the public and your assets are protected.

According to the American Bankruptcy Institute and Federal Reserve Bank, more than half of the personal bankruptcies filed by consumers in recent years were due to credit card debt. The next highest category was due to personal medical expenses, much of which was paid for using credit cards but not reflected in the credit card statistic, followed by home mortgages. Most, if not all, credit card and other unsecured debt related to the filing of personal bankruptcies could have been avoided with our Debt Jurisprudence™ process.

If at all possible, avoid filing bankruptcy. It remains on your credit report for ten years and can affect your ability to obtain credit, buy a home, get life insurance, or find a job for your entire life. Secured credit cards requiring a full deposit for the amount of credit sought are typically the only type of credit card you can obtain for ten years. It remains in Court records for twenty years and most job, mortgage and credit applications ask if you ever filed for bankruptcy. It is a Federal offense if you do not answer this question truthfully.

Filing for bankruptcy protection results in serious, long term, consequences. For consumers, Chapter 7 and 13 personal bankruptcy require full disclosure of your assets and a financial statement that includes every detail about your monthly expenses, including rent or mortgage, utilities, groceries, prescriptions, dry cleaning, insurance, etc. The law also requires that you enroll in and complete a Personal Financial Management Instructional Course.

It should be noted that Chapter 7 personal bankruptcy requires the liquidation of all of your assets which are not considered exempt. Automobiles, household furnishings, and work-related tools are considered exempt property, however the asset value of these items must be less than the extremely low values defined in Federal and State bankruptcy guidelines. It is difficult for most people to qualify for Chapter 7 bankruptcy due to exceptionally low income and asset requirements.

A Court appointed official or trustee has the right to sell your assets and other property or transfer it to your creditors. When sold, the proceeds derived from the sale are used to pay attorney and Court appointed trustee fees, with the balance distributed to your creditors.

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