Filing bankruptcy a point for life changes

29 Sep Filing bankruptcy a point for life changes

The client came in to address just his overwhelming credit card debt and left prepared to restructure his business and relocate to his retirement home. Bankruptcy became an opportunity to address all of the client’s financial commitments and square them with his mid range plans for his life. Pretty neat!

Because a debtor must list all of their debts, regardless of whether they’re current or slated for reaffirmation, I got to talk with my client about whether he wanted to dump the leased pick up truck. Turns out he needs the truck only because the current home is on acreage, but the client is ready to sell that house and move to the warm weather condo. Maybe now’s the time to drive something smaller.

Client has a lease on commerical property for his business. Lease will be up in six months and won’t be renewed. Maybe now’s the time to sublet, or move the business to the retirement location.

When the client left, we had turned a somber gathering to deal with credit cards into a vehicle to address the broader sweep of the client’s financial life and plan for affirmative changes . Bankruptcy can be life altering, in a positive sense.

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Cathy Moran, Esq.

I'm a certified specialist in bankruptcy law (California State Bar Board of Legal Specialization) practicing in the San Francisco Bay Area for more than 30 years. In addition to practicing bankruptcy law, I train new practitioners at Bankruptcy Mastery.
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