Chicago, IL Office
2218 West Chicago Avenue
Chicago, IL 60622
(773) 227-2218 - Office
(773) 435-6752 - Fax
Rosemont, IL Office
10700 W. Higgins Road
Rosemont, IL 60018
Chicago, IL Office
2218 West Chicago Avenue
Chicago, IL 60622
(773) 227-2218 - Office
(773) 435-6752 - Fax
Rosemont, IL Office
10700 W. Higgins Road
Rosemont, IL 60018
These warnings aside about the many private debt consolidation firms out there, Spalding Law Center has come to realize that there can be a place for attempting to settle with creditors. We realize that bankruptcy is not for everyone, and probably is not the best solution for people that may have under $5,000 in unsecured debt. We have tailored a solution as an alternative to bankruptcy for some clients with smaller amounts of debt. We are willing to have these clients refer those creditors to us, and will attempt to negotiate a settlement with those creditors. We can make no guarantees about the savings that we can offer, for the aforementioned reasons, but our efforts can add value for clients that are feeling intimidated by creditors and are unsure how to organize the mess of the debt that they have.
Often the main reasons why people occasionally choose debt consolidators, negotiators or settlement companies over bankruptcy is because of personal doubt, pride, shame and / or uncertainty about the bankruptcy process or whether it is the right thing to do, to not completely, or only partially, pay one’s creditors. We believe that bankruptcy is acceptable behavior under Christian values. The Bible does not condemn Bankruptcy.
Nehemiah 10:31b - Contemporary English Translation:
"Every seven years we will let our fields rest, and we will cancel all debts."
Are you one who struggles with feeling guilty that filing bankruptcy is not the Christian thing to do? The bible gives Christians authorization to file for bankruptcy. Our modern bankruptcy laws were derived from the Bible (Deuteronomy 15:1-2). Bankruptcy contemplates the “forgiveness” of debt, just as the bible includes debt forgiveness laws. Under U.S. law a debtor may only receive a discharge of debts in a Chapter 7 once every eight (8) years. Under Biblical law, the release of debts came after every seven (7) years. Cancellation of debts is Biblical. At the end of the seventh year (the year of release) we see that the servant and the debtors were forgiven and they were released of their debts. The debt was canceled completely and permanently!
Deuteronomy 15:1-2 - New American Standard Bible Translation: "At the end of every seven years you shall grant a remission of debts. This is the manner of remission: every creditor shall release what he has loaned to his neighbor; he shall not exact it of his neighbor and his brother, because the LORD’S remission has been proclaimed."
Deuteronomy 15:1-2 - New Living Translation: "At the end of every seventh year you must cancel your debts. This is how it must be done. Creditors must cancel the loans they have made to their fellow Israelites. They must not demand payment from their neighbors or relatives, for the LORD’s time of release has arrived."
The Bible refers to debt as a type of "bondage."
Proverbs 22:7 - New International Version: "The rich rule over the poor and the borrower is slave to the lender."
A debtor is a slave to the creditor. Jesus does not want us to carry that burden on our shoulders for the rest of our lives. Someone must bear the cost or the burden. Just like Jesus carried and paid for our debts on the cross, creditors must bear the burden of forgiving debts and understand that God will bless them for the act of forgiving.
The Old Testament provides many examples of the need for compassionate treatment. The Bible also speaks about compassion for those who are oppressed by over-burdensome debts. Jesus taught us that those who forgive will be forgiven. Jesus also condemned excessive interest charges.
Exodus 22:25-27 - New International Version: "If you lend money to one of my people among you who is needy, do not treat it like a business deal; charge no interest. If you take your neighbor's cloak as a pledge, return it by sunset, because that cloak is the only covering your neighbor has. What else can they sleep in? When they cry out to me, I will hear, for I am compassionate."
If you mismanage your finances confess your failings to God and seek Godly counsel.
Bankruptcy is the closest that you can get to having your debts forgiven in the modern world. Jesus gives us a fresh start through his love and mercy; a new birth. From a moral perspective, you are asking the court to recognize that you, a debtor, cannot pay, and that you should be freed of your legal obligation to pay your debts so that you can put the money that you do have, for greater moral priorities, like taking care of yourself and your family. In fact, bankruptcy will ENABLE you to be a more productive member of society! When you are drowning in debt and unable to even pay for your monthly expenses, bankruptcy is the most responsible thing that you can do. Ultimately the decision to file is a personal one, best lending itself to prayer and guidance from God, to lead you to the right decision for you and your family.
Today can be the beginning of a new day for you. So help yourself get up, fight the battle and win! Give Spalding Law Center a call at 773-227-2218.
If you’re considering filing bankruptcy as a way to save your home or get out of debt, you’re certainly not alone. See which famous people have sought the protection of bankruptcy:
Tough times can fall on anyone. Success comes from what you can do now to resolve your financial problems in order to improve your whole life! If you are ready to take the leap into your new life, please give us a call now!