Keep your emotions in check when dealing with your financial problems. No one wants to file bankruptcy, but sometimes it’s your only meaningful option.
“I don’t want to file bankruptcy,” a client said to me the other day. “No one does,” I replied. I explained that any good bankruptcy lawyer will explain non-bankruptcy options—like debt settlement or even doing nothing—prior to recommending bankruptcy. However, sometimes there really aren’t any other real options.
Another client told me, “I know you’ll recommend bankruptcy—your favorite option—but I’m not doing that.” I then told him that my “favorite option” was doing what was best for my clients. That might be bankruptcy, but it might just as well not be bankruptcy. In my Charleston, South Carolina practice, I regularly tell clients not to file bankruptcy.
Both of these clients are filing bankruptcy now after extended meetings with me to evaluate all their options. Both are relieved and feel much better now that they have a solid financial plan for dealing with their debts. To their credit, both kept open minds and will be better off for doing so.
I know going through financial problems is extremely stressful. It’s the number one cause of marital discord, and it leads all sorts of stress-related problems. It causes problems in relationships of all sorts—with spouses, children, employers, and friends. It’s just plain no fun.
But a knee-jerk approach to your financial problems is a bad idea. “I won’t file bankruptcy” might be an appropriate answer to give after you have evaluated all your options, including exploring you rights under the Bankruptcy Code. So keep your options open and be open minded. Your bankruptcy lawyer’s “favorite option” is what’s best for you. Get all the facts so you can make an informed decision.
