Thursday, May 7, 2015

Who files for Bankruptcy?

Who files for Bankruptcy protection? I know most of my clients think it is not people like them. They believe this law is for the less fortunate or abused by people less scrupulous. Most of my clients feel they did something very wrong to be in my office. Those beliefs just add to their embarrassment.

Image courtesy of Stuart Miles at
The truth is my clients come from all walks of life. I have worked with 20-something couples to a 70-something widower. I've had clients who worked in industries and professions such as pharmaceuticals, real estate, banking, insurance, and law. I had one client that was able to avoid creditors for over 12 years and others who were completely up to date on all their bills but nearing financial collapse.

The one thing most of them have in common was a major life event ... a serious medical issue ... a prolonged bout of unemployment or underemployment ... and/or ... divorce. Many times they have spent all their saving, have debts with their families, and have wiped out their retirement accounts if they had any.

Unfortunately, people wait too long to file because, they feel, they are not the type of person who should or does file for bankruptcy. The bankruptcy laws allow exemptions people can use to protect retirement accounts and other assets. Many people never give themselves a chance to use the most of their exemptions because they spent down their savings and sold their stuff.

We have all heard the saying, "There but for the grace of God, go I." A truer statement could not be spoken when it comes to bankruptcy. This law exists to help people get back on their feet after they have suffered a devastating financial set-back. Those are the people I help file for bankruptcy protection. When talking to other bankruptcy attorneys, they see clients with the same problems in their practices.

If you want assistance, legal representation, or just want to know more about Mark Medvesky or Medvesky Law Office, LLC, check out my website at

#bankruptcy #Chapter_7 #Chapter_13 #Montgomery_County #law_firm #Bucks_County #Pennsylvania

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