• Mark R. Emmett

    emmettlaw @ gmail.com 801-438-4050

    This will take a bit of work on your part, but I think it's well worth it. After I've analyzed your situation, you'll be in a much better position to determine whether bankruptcy is your best solution. Click here to start! Free Bankruptcy Analysis
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    Mark R. Emmett is a debt relief agency, helping individuals to file for relief under the Bankruptcy Code. This website is intended to provide general information and is not intended to serve as legal advice regarding specific factual situations. Information should not be acted upon without personal legal advice. Neither viewing the information on our site, nor sending us an e-mail establishes an attorney-client relationship.
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BANKRUPTCY SUCKS! Right? Well … compared to what?

Bankruptcy is not high on anyone’s “bucket list”!  In fact, bankruptcy downright sucks, right?

Well, compared to sleepless nights, physical and emotional illness, or loss of a valued relationship, maybe not so much, eh?  If you can’t bear to hear the phone ring, let alone to answer it, if you know the local process servers by sight if not by name, if you have a mountain of unopened bills that you know you can’t pay, maybe then bankruptcy sucks a bit less.

Fill a hole or build a castle?  Let’s make a dubious assumption:  You have enough income to pay off all of your debts and provide for your and your family’s needs for the next five years.  (It’s a dubious assumption because if nothing else you will be dealing with the stress of fighting off your creditors and their collection agencies and attorneys.)  Let’s further assume that you owe a total of $20,000.00 in unsecured debt, and that interest on that debt will be adding up at a rate of 10%.  You’re going to pay an average of about $420.00 per month for each of the 60 months during that five years.  At the end of the five years, you have filled that $20,000.00 hole, and all you have to show for it is a filled hole.  Assuming, again, that you in fact have the $420.00 per month over and above your reasonable living expenses, what if you instead invested the money?  Well, then at the end of the five years you would have (again assuming 10% interest) $32,910.76!  Even with NO interest you’d have $25,200.00.

How do you want to spend the next five years:  Filling a hole (and trying to survive the stress) or building your castle?

So, bankruptcy sucks?  I don’t think so.

Thanks for your time and interest!

Mark Emmett, Consumer Bankruptcy Lawyer

Member National Association of Consumer Bankruptcy Attorneys