Before You Declare Bankruptcy…

by Dr. Monroe Mann, PhD, Esq, MBA, LLM, ME, EMT
Founder & Executive Director, Break Diving, Inc.

This is a short article, but it could be one of the most important you read.

I am a lawyer and a personal financial advisor and… I don’t want you to declare bankruptcy.

Yes, I admit, there are certain times when bankruptcy is the right solution.  But more often than not, it’s not the right solution, and a good lawyer will not try to force you into a bankruptcy that isn’t actually needed.

Look, the reason you’re considering bankruptcy is because you probably have a lot of debt, and you don’t feel your income is sufficient to handle the servicing of all that debt.  And you feel that you’ll never survive.

Well, I’m here to tell you that you CAN survive.  There are a lot of factors to consider when deciding to declare bankruptcy, but what many people don’t know are the following (and these are just 3 examples):

1. If you’ve recently lost your job, call your credit card companies.  Most will eliminate all minimum payments for up to three months.  That may be enough time for you to get back on your feet.

2. There are numerous companies that consolidate debt and allow you to pay off your cards with one low monthly payment.  How?  They call up the companies and pay off the cards at a discount.  This reduces the overall amount you have to pay back.  Then, you pay ONE payment to the loan consolidator.

3. The reason most people get into debt is simple: spending more than they earn.  Well, simple solution: spend less.  If you do this, even if you’re just paying the minimum payments, you will eventually pay off the debts.  This sounds so simply, but, it works.  If you can pay more than the minimum payment, even better.

In many cases, seemingly disastrous financial situations… actually have a simple solution.  And you don’t have to declare bankruptcy.

Again, I’m not saying that declaring bankruptcy is a bad decision–in some cases it is exactly what will serve you best.  But I am saying that before you panic, and assume that bankruptcy is your only hope, take a deep breath and realize that you do in fact have other options.

Dr. Monroe Mann, PhD, Esq, MBA, LLM, ME

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