I believe the world view of even the thought of filing bankruptcy is financial suicide for many people. They believe their financial lives, credit scores, reputations and even careers are over. It’s like the “Scarlet Letter” “B” is written, stitched, into the fabric of the rest of their lives. When networking, I’ve even said that I’m the last stop on the train to financial freedom, or that I am the “Grim Reeper” of the financial world. While many agree, I’m just making light of the very powerful force that I am to those dealing with unmanageable debts.
The very first thing I do as a bankruptcy lawyer is to analyze a client’s financial situation. I look at everything they own [cars, boats, timeshares, homes, retirement, etc.] and then look at not only how much they owe, but what types of debts like taxes, student loans, credit cards, mortgages and how many. I also talk a lot about budgets, which is income and expenses and if there is any money left after expenses are paid. This is all usually provided to prospective clients BEFORE they even hire me. Did you know that you could get FREE financial analysis from a bankruptcy lawyer? With that information, I can explore options that range from full repayment to a Chapter 7 liquidation bankruptcy case.
Where most people see financial ruin, I see an opportunity to show people the time value of money, explaining that the sooner they end their cycle of debt, the sooner they can save and plan for their future. If it will take you longer than five (5) years to get out of debt (besides your mortgage) then bankruptcy can save you time and money. Don’t believe me, then check out this article.