Cincinnati, OH -- (SBWIRE) -- 06/15/2012 -- It could happen to anyone. Whether it’s the loss of a job, a medical emergency, a business collapse or a divorce or separation, many people don’t consider just how close they may be to experiencing difficult financial circumstances. Sadly, many American’s can attest to the speed at which debts accumulate when income is reduced or, in the worse circumstances, made unavailable entirely.
It’s normally at this stage that the phone calls start, as various creditors attempt to make as much money from the situation as possible. Calling on weekends, phoning relatives; the debt collection process can often cause more stress than the circumstances that led to it in the first place.
According to expert Attorney R. Michael Smith, a bankruptcy lawyer in Cincinnati Ohio, there’s a sound legal strategy by which to navigate out of this minefield of debt. “Sometimes, events in life take an unexpected turn with significant economic consequences,” R. Michael Smith acknowledges. “The typical response of creditors, people to whom you owe money, has very little variation. The creditors seek to collect as much as possible from you for as long as possible.” It’s on this last point that R. Michael Smith, one of the expert bankruptcy lawyers in Cincinnati, proposes to intervene.
When most people think of bankruptcy, they see it as the end of the line, a final fall-back position when all other means have been exhausted. Cincinnati bankruptcy Attorney R. Michael Smith, however, suggests that it may be prudent to consider bankruptcy sooner rather than later. In fact, many people don’t understand the full result of filing a bankruptcy petition. “In most cases, the creditor or collector must immediately stop all efforts to collect on the debt.” Smith notes. “They must end all phone calls, stop all court proceedings against you, stop all garnishment activities at whatever stage, stop all foreclosure proceedings, and cease attempting to repossess your vehicle.” The ultimate result, all things going well, is that a discharge of debts is entered into the record of the Bankruptcy Court. This effectively bars the collection of these monies owed.
So for those tired of being endlessly hounded by debt collectors and creditors, and who wish to discuss a real solution, R. Michael Smith, the bankruptcy attorney Cincinnati Ohio trusts, may have an effective exit strategy. With the ability to advise on bankruptcy options typically available to those in difficult financial circumstances, both Chapter 7 and Chapter 13 of the Bankruptcy Code, R. Michael Smith is well-placed to assist people keen to get back on their feet.
About R. Michael Smith, Attorney at Law
Since 1985, Greater Cincinnati Bankruptcy Attorney R. Michael Smith has significant experience in helping hundreds of clients through the bankruptcy process. He has been named to “Who’s Who in American Law”, is a former Law Clerk to an Ohio Supreme Court Justice, and is admitted to the United States Supreme Court. For more information, visit http://www.rmsbankruptcy.com