The fastest way out of debt.

Emergency Bankruptcy

Someone wrote me to ask what is the fastest way out of debt. I’ll share my answer with you.

Dear Leon,

What is the fastest way out of debt? I am flat broke. I have no extra money. Would a debt settlement plan be the best thing for me? I’m tired of bill collectors chasing me. I hate the thought of filing bankruptcy

You of all people must know how.


David in Sacramento, CA

fastest way out of debtDear David in Sacramento:

The fastest way out of debt is bankruptcy. If eligible, you can make the law work for you. Instead of having it always seem to work against you.

Debt settlement plans are slow and expensive. There are very few people who should attempt a debt settlement plan. Here’s why that is.


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Debt settlement plans are often a dead end for people who have good intentions.

Debt settlement plans have no way of helping you unless you have extra money to pay out. Without extra money, you can’t double up on payments. If you enter a debt settlement plan you won’t double up on anything but your misery.

Debt settlement plans are also terribly expensive. The administrative fees often cost between two times and four times what you would spend for the attorney fees in a bankruptcy case. After paying the administrative fees for debt settlement, you have to start paying the debts. In most Chapter 7 bankruptcy cases, you pay your lawyer once, and after that you are done shelling out money.

Most if not all of your debts should be gone after you have paid a bankruptcy lawyer and filed bankruptcy.  But after you pay the settlement company fee, you still owe your debts.

fastest way out of debtThe fastest way out of debt for David

Let’s talk about David’s question. He already quit paying his creditors. He’s tired of bill collectors chasing him. The filing of a bankruptcy case will give him an immediate automatic stay that stops his creditors. The automatic stay is a restraining order. It is issued by the U.S. Bankruptcy Court. Once you have it, your creditors have to obey it. The bill collectors must leave you alone.

Based on what David said, it sounds like the fastest way out of debt is bankruptcy. Bankruptcy can make the law work for you. On the other hand, debt settlements are slow and expensive. Here’s the fastest way out of debt:  file bankruptcy.

Here’s why is bankruptcy David’s fastest way out of debt

  • Automatic stay in bankruptcy stops bill collectors instantly.
  • Bankruptcy discharge eliminates most kinds of debts.
  • Debt settlement plans often take years to complete, and leave your credit wrecked.
  • Most bankruptcy cases are finished and done in a few months.
  • A bankruptcy case will normally cost far less than the administrative fees you owe to a debt settlement company.
  • Self help debt plans can’t help unless you have extra money to throw at your creditors.
  • If you do a settlement plan, your credit will remain bad. Even after you have paid a lot of money.

fastest way out of debtCheap bankruptcy lawyer – by Bayer, Wishman & Leotta. Our fee starts as low as $775.00 + filing fee* with the Bankruptcy Law Firm of Bayer, Wishman & Leotta.



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Leon Bayer and Jeffrey Wishman are Los Angeles Bankruptcy attorneys. They have been practicing bankruptcy lawyers in Los Angeles for 37 years and are Certified Bankruptcy Specialists by the State Bar of California. These are lawyers who bring experience, skill and creativity to the highly complex area of bankruptcy law. At this Los Angeles law firm, the your initial consultation with an expert is free. Mr. Bayer is a coauthor of Nolo's The New Bankruptcy: Will It Work for You?, authors the “Ask Leon” series on Nolo’s Bankruptcy, Debt & Foreclosure blog, and writes on bankruptcy topics for Nolo’s website. In addition, Mr. Bayer devotes a significant number of hours to volunteer legal services. The State Bar of California has commended Mr. Bayer for this work every year since 2004.