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Be Careful When Discussing Bankruptcy With Other Professionals

| Jul 26, 2011 | Chapter 128, Chapter 13 Bankruptcy, Chapter 7, Debt Settlement |

A bankruptcy has an effect on many parts of one’s life and therefore people like your accountant, financial advisor, etc. might end up giving you some advice or sharing a story about someone they know who has filed. While these confidants are usually trying to be helpful, beware: their advice isn’t always accurate, and it is always best to discuss your situation with a knowledgeable bankruptcy attorney to get the right answers.

Attorney Cathy Moran recently posted the following story on her blog covering California bankruptcy topics:

The terrified client in my office was told by her accountant that if she filed Chapter 13 to save her home, the court would not allow her to buy prescription dog food for an ailing 16 year old pet! Further, the accountant went on to declare that in Chapter 13, the debtor could pay only for housing, food and gas: nothing more. No maintenance for the house, no insurance, no clothes, no medical care.

Of course, the accountant was dead wrong. Articulate but wrong. So I explained the operation of Chapter 13, how the means test works, and the balance between the debtor’s reasonable living expenses and the claims of creditors. And assured the client that she can provide for her treasured pet for the balance of its life. Then I fumed.

One of the great things about the age in which we live is that there is a lot of information available about anything you might want to learn about at the click of a mouse. However, there is a lot of bad information on the web. Before you eliminate bankruptcy as an option because of a horror story your favorite bank teller told you call us today at 414-326-9231. The attorneys of Miller & Miller can help you to understand your options and empower you to get the fresh start you need.

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