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Judge Debunks Common Bankruptcy Myths

On Behalf of | Sep 3, 2016 | Bankruptcy Basics

This summer, Chief United State Bankruptcy Judge Jason Woodard met with community leaders and debunked common bankruptcy myths. Judge Woodard presides over the northern district of Mississippi, the poorest district in the nation. That district, like so many others nationwide, is seeing a gradual decrease in monthly filings, trending toward a leveling off of bankruptcy filings from year to year.

In a rare glimpse into the mind of a distinguished bankruptcy judge, Judge Woodard took the time to dispel common misconceptions about bankruptcy filings. One of the pervasive beliefs about bankruptcy is that those who file for bankruptcy are financially irresponsible. At Levitt & Slafkes, P.C., we know that nothing could be further from the truth. Many of the underlying causes of financial distress have little to do with a bankruptcy filer’s financial responsibility and more to do with family and personal circumstances beyond the filer’s control.

In his remarks Judge Woodard told the crowd that financial irresponsibility was not among the common causes of the bankruptcies he presides over. “A lot of times it’s driven by market forces, it’s driven by divorce or illness or a job loss,” Judge Woodard said.

Judge Woodard summed up in one word the bankruptcies in his district: necessary. For many, filing bankruptcy is not merely one of several options to regain control of their financial lives. For many people, bankruptcy is the only choice that can give them the fresh financial start they need.

As part of his remarks, Judge Woodard dispelled these and other myths and explained the bankruptcy process to the community group. Summing up for the crowd, Judge Woodward remarked, “so part of what we talked about today is what bankruptcy is and why it’s necessary for some many people especially here in Mississippi, the poorest state in the union.”

Our attorneys help clients throughout New Jersey decide whether bankruptcy is necessary in their situation. If you are struggling with debt, we can help. Now is the time to schedule a free initial consultation at Levitt & Slafkes, P.C. to see what our attorneys can do to give you a fresh financial start. Contact our attorneys online by filling out the form or by calling 973-323-2953 to schedule a free initial consultation.