We all hear about the reasons people need to file for bankruptcy: job loss, illness, unexpected medical expenses, rise in interest rates, etc. I thought it may be helpful to understand some of the reasons we, here at The Law Offices of Adam M. Freiman, recommend that our clients should file for bankruptcy irrespective of the reason they initially consult with our office.
1. Help to improve credit scores - As discussed in a prior blog, bankruptcy can actually help improve credit scores by changing one’s debt-to-income ratio significantly. Post-bankruptcy clients can get new cars, lower interest credit cards, and can often purchase real estate.
2. Stop court proceedings and judgments - A State court judgment can follow you much longer than a bankruptcy proceeding can. Judgments can prevent people from moving on with their financial lives.
3. Prevent home utilities from being turned off - As winter approaches, maintaining power and heat in one’s home becomes even more vital. Bankruptcy can wipe out high utility bills and give you a fresh start on your account.
4. Eliminate tax debt - Most people are under the misconception that tax debt cannot be included in a bankruptcy proceeding. Nothing could be further from the truth! A seasoned, knowledgeable bankruptcy lawyer like Adam M. Freiman can explain how tax debt can be erased in bankruptcy.
5. Eradicate mounting medical bills - Just like tax debt, many people believe you cannot erase medical bills in bankruptcy. They can and should be included in your filing.
6. Stop annoying creditor harassment - Creditor phone calls can be a tremendous source of stress for most people. Immediately after retaining us to represent you, those calls can stop.
7. Lower your car payments - Bankruptcy can allow you to lower, or even eliminate, your car payments. Call us to determine the many ways we can help you drive for a lot less money.
8. Stop garnishments - Bankruptcy will instantly stop garnishments on your wages, and unfreeze your bank accounts. In certain situations, you can even get some or all of the money back that was taken from you.
9. Keep your creditors from taking money you need to retire - Retirement accounts, in most cases, are completely exempt in bankruptcy. Save your money for you, not your creditors.
10. Get a fresh start!
Adam M. Freiman
Baltimore born and bred, Adam is a 1984 graduate of Pikesville High School, a 1988 graduate of Boston University and a 1993 graduate of the University of Baltimore School of Law. He has been practicing law for over 25 years locally and has handled everything from bankruptcy to large-scale criminal cases. Adam Freiman was the founder of one of the most successful bankruptcy law firms in Baltimore. After finding that bigger did not necessarily mean better, Adam decided that his clients were not best served by the vast array of associate lawyers and paralegals who were handling cases at his large firm. He left to form his own firm and now personally represents every one of his clients. When you hire Adam Freiman, PC you are hiring Adam himself and he will personally oversee all aspects of your case.
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