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Kingston, NY—As a practicing bankruptcy attorney, Rebecca Millouras-Lettre has seen the true and heartbreaking effects of the economy's downturn on consumers and business owners alike.

“New and old businesses are going under—no one is above it,” Milouras-Lettre told laws.com in a recent interview.  “Attorneys, teachers, nurses, veterans, everyone.  It's very sad.”

Although bankruptcy law can sometimes be depressing, Millouras-Lettre says it's still her favorite practice area.  “It's my favorite area of law because I can promise clients the outcome, it's exact, and it's guaranteed,” she says.  “Unlike matrimonial and family law, bankruptcy is very predictable.  Clients give me all their paperwork, I turn it around in a few days, a few weeks later, we go to court, and two months later, they're absolved from their debt.”

The client reactions are easy to predict, as well, she says: “I see them at their worst, but when we walk out of court four weeks after we file, they have a smile on their face.  They feel bad that they had to file, but at least they get a fresh start.”

Seeing so many clients go through bankruptcy proceedings has given Millouras-Lettre a unique perspective on financial security and success.  “I learned never to get too confident in your financial situation if you're doing well, because you could lose it all tomorrow.  Be careful with your money, don't live beyond your means, which so many people do.”

All types of people file for bankruptcy, according to Millouras-Lettre.  “Bankruptcy is beneath no one—there's no stereotype when you go to bankruptcy court.”

Being a bankruptcy attorney can often mean representing clients who don't have many financial assets to draw from, which Millouras-Lettre says can still be rewarding.  “I do a lot of pro bono work.  I've been paid with food and vegetables, and that's fine.  You feel bad for some people, but I make sure I get paid up front, so I can continue to help people.”

Too often, according to Millouras-Lettre, creditors prey on debtors in a way that can lead to financial disaster.  When this happens, filing for bankruptcy can be the best option.  “I've seen credit card companies totally taking advantage of people—threatening them, telling them that they're going to go to jail for not paying their bills,” she says.  “The credit card companies intimidate and scare these people, and I love giving it right back to them.”

Bankruptcy filings have seen a downturn in 2012 and 2013, and Millouras-Lettre thinks she knows why.  According to her, the biggest challenge facing debtors is “not having enough money to file.  They're just giving up hope because it just is not possible.”

For people who have tried to afford the services of a bankruptcy attorney but have been unable to find representation at a price they can pay, Millouras-Lettre says there are some options left.  “You can file on your own,” she says.  “There are services that offer assistance.  They can be very organized to try and reduce the fees—and there's a lot of information online.  They can also try to make payments and keep their creditors at bay for as long as they can.”

The biggest advice Millouras-Lettre says she can offer to consumers is to not make overly optimistic assumptions about their financial future.  “Don't assume your income will remain the same or increase—assume that you could lose it just as quick as you made it.  That's what happened in the real estate market: everyone thought it would go up; no one thought it would go down.”

At The Law Office of Rebecca Millouras-Lettre in Kingston, New York, I have been skillfully resolving cases for my clients in the areas of family law, bankruptcy and real estate since 2000.