Study shows Debtors struggle longer with finances before Bankruptcy! Why wait?

A study referred to as “Life in the Sweatbox” conducted over a three year period and evaluating 3200 bankruptcy cases by Professor Katherine Porter and Deborah Thorne , determines that Debtors post- pone or struggle for years before seeking bankruptcy.  I didn’t need a case study to see firsthand what our clients had gone through to get the relief they needed.

During countless consultations and as a bankruptcy trustee examining thousands of debtors over the years, the names may have changed but many of their stories were similar.  “I struggled to pay my bills due to job loss/illness/divorce.  I used up all of my savings including my retirement accounts, borrowed equity from my home and I still couldn’t catch up.  By the time I saw a bankruptcy attorney all of my assets were gone and I owed more than when I started.” 

Although most debtors feel shameful about filing for bankruptcy, if they had sought assistance far earlier in their struggle, most or not all would have had to repay less debt, keep or save most of their assets and received the fresh start needed to achieve financial freedom.

I believe the most important piece of advice I can give you is DON’T WAIT.  Waiting delays your ability to retain assets, get relief from the stress of constant collection calls, and going without important things like healthcare and food.  If you don’t believe me, just read this article…

Contact Ebert Law Offices to discuss your financial difficulties.  Let us help you get back on track and get you the fresh start you deserve.

US Credit Card Debt Surpasses Record Set at Brink of 2008 Financial Crisis!

Bloomberg News has reported that US consumer credit card debt has reached $1.02 trillion in June, beating a record set just before the financial system near collapse in 2008.  What does this mean?

This means that more people in the US are carrying a significant amount of debt on their credit cards and the default rate is rising on those cards.

Rising credit card debt is an indicator of underlying financial difficulties and rising default rates means many people cannot make the required minimum payments on those cards.

Here are some warning signs that your financial health may be at risk:

  • Your credit cards are at the limit
  • You are unable to make minimum monthly payments
  • You are taking on new credit cards to pay existing debt
  • You are late making house or car payments
  • You are borrowing from your 401k or other retirement plan to pay credit card bills
  • You are using pay day loans or title loans to make ends meet


If you are experiencing any of these financial crisis warning signs, you should consider contacting our office for a financial consultation.

You cannot borrow your way out of debt.  There are options to get your financial health back on track.  Before you take on more debt, miss any house payments or put your car title up as collateral for a loan, please call Ebert Law Offices for a free initial consultation.  We care about your financial future and want to help you through this difficult time.

Owing Money to the IRS: Can They Really Do This To Me?

I just prepared my tax return and owe the IRS.  I don’t have the money to pay and I can’t sleep from worrying about what could happen next.  Can the IRS take my paycheck?  Can the IRS put a lien on my house?  Can the IRS take money from my bank account?  Can the IRS close my business?  These are the typical questions people ask when faced with unpaid taxes.  Can the IRS really do this to me?  The answer is ….Read More »

Borrowing your way out of debt – another fatal financial misconception

Exchanging one form of debt for another is a fatal financial decision.  You cannot borrow your way out of debt, period.

I just heard another commercial from an area mortgage lender encouraging home owners to refinance their homes and take out equity to payoff credit card debt.  Sounds like a great idea right?  Get rid of credit card debt?  No brainer.  Not so fast.  First, you better be sure risking your home for a Visa card bill is for the right reasons.Read More »