Bankrupt Apologies?

Katy Stech of the The Wall Street Journal wrote an interesting piece today regarding Apologies in Bankruptcy. (Find the article here)

In the article, she cites a study done by two law professors wherein they study the effectiveness of debtors going through bankruptcy who apologize to the Bankruptcy Judge for having to file for bankruptcy. The results, from my opinion, really don’t show any difference at all if debtors apologize or not. 

I have long said that filing for bankruptcy protection, whether you are General Motors, Donald Trump, or Mr. and Mrs. Smith from Layton is a financial decision, not a moral one. Filing for bankruptcy says nothing about you as a person or the worth of your soul. 

By a large majority, most of the people I represent who file for bankruptcy have 1. lost a job, 2. faced huge medical bills, or 3. have been recently divorced or suffered the loss of a spouse. Life can, and will, throw curve balls at us as we journey on. Sometimes bankruptcy is the only thing that can help you and your family stay afloat. Bankruptcy has existed in some form or another for centuries. Our Founding Fathers included language in our Constitution for the establishment of Bankruptcy Courts. 

If you are wondering if bankruptcy is the right decision for you, call today for a free consultation. What do you have to lose? 


About Jason

My name is Jason Richards, and I am an attorney in Northern Utah. I run my own practice and have offices in Ogden and North Salt Lake. I grew up in Ogden and attended local public schools. I graduated from the University of Utah Law School with a juris doctorate degree. My practice primarily centralizes on bankruptcy and debt collection. I also specialize in criminal defense and other areas of civil litigation. I represent clients who are suffering from crushing debt that seems hopeless. I have helped many people file for relief under Chapter 7 and Chapter 13 of the United States Bankruptcy Code. I have also helped dozens of clients renegotiate their debt and defend them in debt collection actions with ruthless creditors. If not dealt with promptly and aggressively, creditors will achieve their goal to collect. Bankruptcy is certainly not the solution for everyone. Everybody's situation is different. The best way for you to determine if it is right for you is by consulting with a local bankruptcy attorney. Bankruptcy has helped millions of Americans receive a fresh start and financial independence.
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2 Responses to Bankrupt Apologies?

  1. Thanks for this. I saw the article and thought similarly. My bankruptcy clients often show up for their initial appointment humiliated and afraid. It takes some convincing to help a person realize their chronic medical problem or sudden unemployment doesn’t reflect on them as a person. Huge banks get bailouts even when they show no sign of reform, but the individual should be publicly shamed?

  2. I agree with you, Jason. I also have lots of bankruptcy clients here in Springfield MO, and most of them are ashamed during their first appointments. And yes Darrel, it really takes a lot of time convincing those people that their “financial situation” doesn’t always reflect them as a person. But we can’t also blame them… society today has set a standard in which the basis of it is the monetary standing of a person (which for me, personally, is wrong).

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