19 Dec Bankruptcy Overlooked By Financial “Experts”
As I said before in an article I wrote What Suze Orman Doesnâ€™t Understand About Bankruptcy: “Bankruptcyattorneys like melook at things differently than many people, even so called “financial experts”.
There are a few similarities. Living within their means is the goal I also have for my clients. That is also the goal that the experts like Suze, Dave Ramsey, or a multitude of others say they have – but with a big difference.
As a lawyer, I try to do is look at thingsbroadly, comparing traditional solutions the finance folks more commonly suggest; like payment, settlement, or credit counseling plans; against legal ones they often ignore: such as bankruptcy, fighting on legal grounds, or settlements with legalguidance.
You want to consider different solutions available to you so you can make an informed decision. How can you pick the one that is best for you if you haven ‘t explored what they all can do?
- You should be aware that non-attorneys aren’t allowed to give legal advice. Even if they want to discuss it they may not be able to.
There are other reasons that you might not be told about all of your options, especially filing for bankruptcy.
To be a financial expert but overlook the legal solutions, or not be able to discuss and explain it, leaves out important options that should be weighed and considered when trying to find the best personal solution.
Why would they leave them out?
- Legal options might be excluded because non-lawyers are not allowed to give legal advice.
- On the other hand, some don’t discuss it simply because they want you to sign up with their program.
Are they doing anything wrong? Maybe not. They are doing exactly what you asked them to do. They discuss the benefits of their program because that is why you contacted them, but they leave it to you to decide if other options might be better for you. Some will mention bankruptcy, but you will probably have to go to a lawyer to look into it.
On the other hand, I can look at all these solutions in my meetings. As an attorney I can talk about all options they do – debt settlement, debt management and credit counseling, traditional workouts, and I can go over legal solutions too, like bankruptcy or defending against a legal claim in court. I cover as much of these options as I see may apply to a potential client’s situation.
Bankruptcy is a powerful toolto use to get to a long term goal where you live on what you make and live debt free.
My focus is to try to come up with the best solution for clients, so I consider as many different legal and non-legal options as I can.
While my practice is concentrated in bankruptcy, I always will discuss non-bankruptcy alternatives and other avenues if I don’t think thatbankruptcyis the best option for a client.
Don’t limit what you look into just because you are listening to someone who is an expert on one approach. Don’t ignore other approaches, when you speak to experts looking for help.
In addition to preparing bankruptcy cases, I often work with my clients onbudgeting and financial educationwhich is the key to getting them back on their feet. You can get rid of all the debt, but if you don’t balance the budget you will find yourself in trouble again.
The focus of many of the “experts” on getting people to live within their means is a good goal, but bankruptcy should be considered because it allows people to reach their goal faster, and without sacrificing their long term financial health.
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