In the old days, many households put a lot of faith in traditional “cure-alls.” They were ointments, teas or oils that were used to cure…well, everything. An interesting fact about many popular cure-alls from the past is that a large number of them included the same main ingredients: onions, kerosene, turpentine, urine and/or cow manure. Nowadays we look down on these so-called cure-alls from the past. We know better than to offer anything with animal waste or flammable characteristics to someone who is already ill. Although…the list of cure-all ingredients is oddly similar to a modern list of potential ingredients for practical jokes.
Modern households don’t usually keep a “cure-all” ointment made of onions and turpentine on hand anymore. But many do still assign cure-all status to bankruptcy and it’s time to stop. Bankruptcy is not a cure-all. Chapter 7 bankruptcy discharges certain debts. Chapter 13 cans reduce/reorganize debts. But neither one offers an easy solution that works in every situation. It can’t solve all your financial problems. Chapter 7 poses the issue of potential property loss. Chapter 13 poses the issue of a very strict financial budget for years afterwards.
Bankruptcy is a solution for a specific problem. Approaching it as a cure-all could result in making a tough financial situation even worse. It’s very important to approach filing for bankruptcy with the knowledge of how it applies to your specific situation as well as with the ability to see how things should be different post-bankruptcy. Filers who do so without acknowledging the cause of their financial situation often find themselves back in the same boat a few years down the road. Pinpoint what went wrong financially and make every effort to alleviate this problem so that you don’t see your own history repeating itself post-bankruptcy.
Call the southern California bankruptcy attorneys at Westgate Law today to discuss bankruptcy as a solution for your financial troubles. Find out how California bankruptcy law could protect you from financial ruin.