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Is Filing Bankruptcy In Virginia Immoral?

We Don't Want to File Bankruptcy!

FIRST, nobody "wants" to file bankruptcy. In my experience over the last 25 years, I have never met a client who either wanted to file bankruptcy or felt good about having to file bankruptcy. Regrettably, our society seems to value people by their economic accomplishments and filing bankruptcy feels a lot like failure. We ALWAYS look at bankruptcy as last resort, but, if you are about to lose your home to foreclosure, or your car to repossession, your wages are being garnished, you are afraid to open your mail or answer your telephone or, if you wake up in the middle of the night due to stress and anxiety, it may be time to do something about it.

When considering your options, remember a couple of things:

  1. Our bankruptcy system traces its origins from the "Year of Jubilee" in the bible.
  2. In the Bible Leviticus 25 describes the Jubilee year, which occurs after seven sets of seven complete years are finished. This fiftieth "liberty" year is proclaimed with the sound of a trumpet on the Day of Atonement, so that all know this holy period has begun. God owns the land, and in this special time period, He wants the return of every man to his possession. When the year of Jubilee arrives men, who have worked as a servant to pay off their debt, must be set free and allowed to return to their own land and to their families: "And you shall count seven sabbaths of years for yourself, seven times seven years; and the time of the seven sabbaths of years shall be to you forty-nine years. Then you shall cause the trumpet of the Jubilee to sound on the tenth day of the seventh month; on the Day of Atonement you shall make the trumpet to sound throughout all your land. And you shall consecrate the fiftieth year, and proclaim liberty throughout all the land to all its inhabitants. It shall be a Jubilee for you; and each of you shall return to his possession, and each of you shall return to his family. . . . " (Leviticus 25:8-10)

  3. At the end of the Bankruptcy process you receive a "discharge" of your debts. This means that although you are legally not obligated to pay, should your fortunes improve, or you win the lottery, you may pay these debts back later.
  4. Life is short, if you spend years and years digging yourself out of debt, even if you are successful, you will have lost the chance to build up retirement funds or even save for your kids college.
  5. By the time you file bankruptcy you have most often paid back a very substantial sum in interest that in some cases equals or exceeds the amount originally borrowed.
  6. Credit Score: Your credit score is, in all likelihood, already damaged beyond credit worthiness.
  7. Financial stress is a leading cause of divorce, depression and anxiety

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