Experienced bankruptcy lawyers, often explain bankruptcy to their clients as a financial tool and not the end of the line for them financially. Bankruptcy for many people is considered a scar on their financial and social lives, but in reality, it is just another financial tool to be employed during certain situations in your financial life.
If you find yourself scared to answer the phone or open your mail due to the persistent contact attempts from debt collectors, the perceived scar of bankruptcy has already begun in reality, before you even started to think about it as an option. Once you cannot make the minimum monthly payments on all of your debts, your financial stability will start to spiral out of control and at this point, it’s time you speak to an experienced attorney about your financial future, not your financial death.
Experienced bankruptcy lawyers can explain to you how you may employ bankruptcy as a financial tool, much in the same way that the wealthy use financial tools for their well-being, you to can employ the same tools.
When a client comes into my office you can see the shame on their faces and many of them explain to me why they don’t deserve to be there. First of all, there’s no need for an explanation on what brought you to your present financial situation, a bankruptcy attorney is not there to judge you, and we’re there to help you. There’s absolutely no reason for a person in financial distress to feel worthless, guilty or ashamed. This simply in a situation that has gotten out of your control and you have decided to do something about it, to regain control over your life and your financial well-being.
Everywhere you look from friends, family and mainly the media, you will see bankruptcy as a type of failure, and nothing could be further from the truth. Someone who is a failure will do nothing about their present situation; you are far from a failure since you are doing something about it by seeking the advice of an attorney. Thomas Edison once said “I haven’t failed. I’ve just found 10,000 ways that didn’t work.” This is the very same thing as with finances, you might not always get it right the first, second or even third time, but you’re not a failure until you stop trying. Our government has put into laws the US Bankruptcy Code, just to help people and businesses like yourself. Bankruptcy is not to be worn like a badge of dishonor but as a chance for a new life.
The mass media gives us the perception that filing personal bankruptcy is something to feel ashamed of or that you’re some type of failure. But when you hear about a large corporation filing for bankruptcy protection, the media presents this in a favorable light and sometimes even call it “restructuring” (another name for Chapter 10 Bankruptcy). The reason for this is the media is owned and controlled by corporations; many of these corporations are lending institutions such as banks and other financial companies. It is in the best interest of the media’s corporate masters to have you paying high interest on loans you can’t afford and to keep those payments coming in, instead of you filing for personal bankruptcy (Chapter 7 & Chapter 13).
But unlike corporations and banks, you don’t get to receive a benefit of your taxes from something negative occurring in your life, the corporations and banks do. When you don’t pay a bank back, they either make their money back with the collateral that secured the debt (home or car) or they get to write off the loss on their taxes, reducing the tax liability. So don’t fall for media propaganda, their corporate masters benefit from the use of bankruptcy when it suits their purposes and so should you.
An experienced bankruptcy lawyer can explain to you how to use bankruptcy as a financial tool, to secure your financial well-being. There are different forms of bankruptcy and various bankruptcy alternatives that your attorney can make you aware of. Even if you’re not at the point where you have no alternative but to file bankruptcy, you should still consult a knowledgeable lawyer about your options. Most millionaires have been some point in their life filed for bankruptcy and are still successful, you are no different and deserve no less of a second chance to succeed.