Bankruptcy

Here's the Good News About Bankruptcy. You Don't have to Make any Decision at All! Your Creditors Will Ultimately Make You a Part of Their Plan!

By Joseph McDaniel, Esq.

Because some people are put to the test: what decision will you make? Will it be a Chapter 7, and what choices do you make so you can file that kind of more-desirable bankruptcy in Arizona? Or will you file a Chapter 13, because you don't qualify for a Chapter 7 today, and trap yourself in a five-year payment plan? Or will you pay a bankruptcy lawyer in Arizona twenty-five to fifty thousand dollars to file a personal Chapter 11?

Or maybe you'll just do nothing, and wait while your properties are foreclosed upon, and judgments pile up.

And judgment debtor exams become your primary social outlet.

Along with phone calls from creditors.

Here's the deal, and all small business owners will understand the truth of this: all business decisions are based on inadequate information.

That's why businesses fail.

Not because the business owner is a dummy, but because nobody expects the Spanish Inquisition.

By the same token, nobody expects a depression, either. Or hyperinflation.

Now, here's a secret; I told you that business owners all make decisions based on inadequate information.

The secret is that all of you are business owners, even if you work for somebody else. Because you're watching your personal business, which is the same as the business that your boss is running, because it has income, and it has expenses.

And if the expenses outpace the income, bad things happen.

Recently I've been talking to some of the smartest potential bankruptcy debtors I've seen in thirty years.

These are people who had a plan, and it was fully configured and fleshed-out, and they believed that their futures were secure.

Surprise!

Here's the depression!

So what do we do now?

The great news is that you don't need to make any decisions at all, or really to do anything at all.

Because creditors will do it all for you.

Putting it a different way, you can have your plan, or you can be a part of your creditor's plan.

And not making a decision means that you prefer the creditor's plan for your future.

And as I see it, personally, that's not a very good plan!

NOTHING HERE CONSTITUTES LEGAL ADVICE RE A CHAPTER 7, CHAPTER 13, CHAPTER 11, OR CHAPTER 12. FIND AN ARIZONA BANKRUPTCY LAWYER WHO IS BOARD CERTIFIED IN BANKRUPTCY LAW, AV RATED, AVVO 10 RATED, ON SUPERLAWYERS, OR JUST VERY EXPERIENCED AND A FORMER CHAIR OF SOME BANKRUPTCY SECTION OR COMMITTEE. NOTHING HERE MAY BE USED AS LEGAL ADVICE IN CONNECTION WITH ANY BANKRUPTCY, WHETHER THAT BANKRUPTCY IS IN PHOENIX, GLENDALE, TEMPE, MESA, SCOTTSDALE, OR ANYWHERE ELSE.

Full post as published by Arizona Bankruptcy Attorney Blog on July 23, 2010 (boomark / email).