A woman walks in a store to return a pair of eyeglasses that she had purchased for her husband a week before. “What seems to be the problem, madam?” “I’m returning these glasses I bought for my husband. He’s still not seeing things my way.”
When you are considering bankruptcy you are sure to wonder what bankruptcy is best for me? Everyone sees their situation through the filter of their own life experiences. What is right for one person may not be right for another. When it comes to finances there are a bunch of differing opinions out there as to what you can or should do. Even among spouses I notice that one spouse doesn’t always look at the family finances is the say way as the other spouse. So every time I am asked the question what bankruptcy is best for me by one of the spouses I think of this lady whishing her husband would just see things her way.
Bankruptcy from my prospective as a lawyer is financial triage in many of the cases that walk through the door each day. Most people don’t seek out my financial help until they are hemorrhaging financially. You don’t need to be facing foreclosure or a wage garnishment order to seek bankruptcy advice. Many of my clients have not missed a credit card payment when they first come and visit with us. Sure with 20/20 hindsight it’s easy to make the correct financial choices but that is hindsight. So what bankruptcy is best for me? If you are like most of us looking into the future and can see that you are not going to be able to meet your obligations in the near future go talk to a bankruptcy lawyer. This is especially important if you are considering tapping into a IRA or a 401(k) saving plan to try and keep afloat financially. The worst possible situation you can be in is to drain your retirement savings on keeping a credit card payment up to date and then still need to file for bankruptcy down the road. Not only did you need to file bankruptcy but lost your retirement savings in the process. If you think the you might need to consider bankruptcy take the Warning Sign Quiz and see what you should do. Working through these types of financial issues is not a sign of failure but a sign that you are mature enough to know when you need a bit of help.
Most of the time it is usually pretty clear if bankruptcy is your best option. As I say a lot in this blog you need to speak with an experienced bankruptcy lawyer to know your options. Once the choices are laid out for most people it is easy to see what they should do even if there is problem with their spouse’s eyeglasses. If you are in Utah contact my office for a FREE No Obligation Consultation…we really do help good folks in bad situations get a fresh financial start.