Patriotism and Bankruptcy

As a bankruptcy attorney, I am always sort of surprised at the various reactions to filing bankruptcy.  Many people believe that this is an act that is somehow unpatriotic.  That is not the case.  You do not find bankruptcy in totalitarian countries.  For example, in the United Arab Emirates, it is a crime punishable by imprisonment to have a failed business that owes other people money.

                  Bankruptcy was a system created to be a safety valve.   When the Capitalist system came about, it was realized that we were asking people to take a serious risk.   People gamble everything to open a business with the hope that it is successful.    There must be an escape if that gamble does not pay off.   Many failures are not the fault of anybody.  After 911, many businesses failed because people were scared and stopped spending.   During the Covid-19 pandemic, business is failing because government has taken away the very mechanisms available to operate.

                  Businesses fail.   IF it were not for bankruptcy, those business owners would become wards of the state.  Instead, they get a chance to “reset” and start over.  Many are successful on the next attempt.  The problem is that when businesses fail, they often take employees with them.   Bankruptcy is a safety net for them as well. 

                  A good bankruptcy attorney will sit down with you, listen, and formulate a plan.   He or she should give you alternatives if they exist and should not pressure you to decide.  That is how I operate in my firm.   You come in for a visit, I will give you the options and the solutions and then I will tell you what the costs would be if you go forward.  You are encouraged to think about the decision and not give a final answer.

                  Remember, visiting with a bankruptcy attorney is not the same as filing bankruptcy.  You can come in, educate yourself on what a bankruptcy can do or not do and hear about the costs.   I used to be a teacher.   Sometimes learning that something is NOT for you is better than learning it is for you.  

                  We have offices in Fort Worth, Palo Pinto County and Wichita Falls.   We can offer some weekend appointments in the Fort Worth office if that is the only time you have.   Come and gather information.  Knowledge is power.    If you have been losing sleep, stressed, or just panicked, you might be surprised to find out that there is a way out and it will not ruin your life.   Come talk to us. 

Covid-19 and my finances

The Covid 19 pandemic has been an event that we could not have anticipated and likely will not see anything like it again. It put many small businesses and individuals into a holding pattern wondering what on earth they should do. Promises of relief always come, but the relief is slow and often does not get to the people who need it the most. Some of you are wondering what you should do. I wish I could give you an answer in this article, but I cannot.  I can, however, give you some direction.

If you were struggling prior to the pandemic, it is highly unlikely that things have gotten any better. The stresses you had prior to the shutdown only got worse. It is possible that you should look at filing a bankruptcy. There are no magic answers or solutions. However, if you are wondering how you will ever pay back those credit cards, medical debts, or personal loans, then you should seriously consider filing. There is set amount of debt that qualifies you for a bankruptcy.  If you make a million dollars a year, a $35,000 debt is not out of your ability to pay back. If you are on Social Security, $35,000 might as well be $35,000,000. 

A good bankruptcy attorney will sit down with you, listen, and formulate a plan. He or she should give you alternatives if they exist and should not pressure you to decide. That is how I operate in my firm. You come in for a visit, I will give you the options and the solutions and then I will tell you what the costs would be if you go forward. You are encouraged to think about the decision and not give a final answer.

Remember, visiting with a bankruptcy attorney is not the same as filing bankruptcy. You can come in, educate yourself on what a bankruptcy can do or not do and hear about the costs. I used to be a teacher. Sometimes learning that something is NOT for you is better than learning it is for you.  

We have offices in Fort Worth, Palo Pinto County and Wichita Falls. We can offer some weekend appointments in the Fort Worth office if that is the only time you have. Come and gather information. Knowledge is power.    If you have been losing sleep, stressed, or just panicked, you might be surprised to find out that there is a way out and it will not ruin your life. Come talk to us. 

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