When you are considering bankruptcy, you have likely considered - and tried - every other method to resolve debt at your disposal. It can feel like a failure. It is not. According to several studies, the leading cause of personal bankruptcies is medical expenses. It is not wild spending or out of control habits: it is exorbitantly priced emergencies that we simply cannot afford. Likewise, many businesses are impacted by factors outside of their direct control, such as COVID-19. These are not failures, and bankruptcy can be an avenue that will bring you towards financial security and stability.
If you are exploring this option, there are several common bankruptcy terms with which you should be familiar.
We typically think we only need a lawyer when we find ourselves in a tight spot. The truth is, having a working relationship with a good business lawyer helps you avoid those tight spots altogether. This is particularly true when it comes to contracts; these are a ubiquitous and vital component of the work world, and, if done improperly, they can result in costly and contentious battles.
Struggling with debt is a difficult position; not only are you worried about paying your bills, keeping your home, and providing for yourself or your family, you feel isolated and, oftentimes, ashamed. Knowing that the average American carries $38,000 in debt (not including mortgages) is not much comfort - but it does tell you that you are not alone. Many people try to hide debt from their friends and family. They try to pretend it isn’t affecting their lives, and, many times, they try to maintain a lifestyle that they cannot afford.
While it is difficult to find one thing on which most of us can agree, we do know that no one wants to start the process of estate planning. It is not comfortable to contemplate one’s own mortality, and it is tempting to delay these matters. It can also be intimidating. Where do you start? What do you do? What if you don’t have a “large” estate or massive wealth?
Here’s the reality: estate planning brings tremendous peace of mind. It is not so much about planning for the end - but planning to live your best life and not carry the worry of your affairs on your shoulders.