Today is all about love. As I stroll through my local grocers, I am swimming in a sea of red; red roses, balloons and candies all remind me that it’s Love Day. So, why is a bankruptcy lawyer writing about love? Well, I’m a compassionate soul and I believe that Money is a Matter of the Heart. So much so, that I wrote a white paper on this very subject apropriately entitled, Money Is A Matter Of The Heart.
As a practicing attorney in consumer bankruptcy, I hear your stories and cries for help. I hear, “I’ve done everything right,” “I always pay my bills,” “I can’t believe I’m in this mess,” “I don’t want to file for bankruptcy.” You’re not alone and you’re not entirely to blame for your situation. The question is not, “How did we get here?,” but rather, “What do we do with this situation we’re in?”
Too often people spend down savings, borrow against a 401k or cash in retirement plans to support a lifestyle that can no longer be afforded. What is important to remember is that the moment your income drops, you absolutely must preserve your cash. If you don’t, you’ll end up filing bankruptcy broke. The truth is, you can keep the trustee from taking retirement savings and other savings accounts and still file bankruptcy. Talk to your local bankruptcy lawyer today if you’ve experienced a significant loss in income. I call this Self Love.
The reason why so many people delay the inevitable bankruptcy is the moral and emotional stigma attached. One has failed if they must file bankruptcy is such a misnomer. While bankruptcy is not the right choice for everyone, it is a powerful tool to provide a fresh start to those facing a complete inability to pay their debts, or those looking to restructure their debts and stop foreclosure on their home.
It’s time to stop the vicious cycle and feelings of “moral obligation” to pay your debts. If you cannot afford it, then you must file bankruptcy. Remember that indecision is also a decision and you must take action to resolve your current situation. Money is a Matter of the Heart will take you on a journey from your head to your heart and bring your wallet with you. I hope you enjoy reading it. Happy Valentine’s Day.
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