Readers of my Newsletter already know that, since Covid began, I have seen a steep decline in bankruptcy clients. Seems counterintuitive, no? After all, many prominent retailers and large corporations have already filed Chapter 11 Business Bankruptcy reorganization. I don’t serve huge firms – my clients are individuals and small business owners. I think the Paycheck Protection Program, stimulus checks and forbearance on rent from many landlords has postponed what will surely be a enormous wave of personal and small business bankruptcies beginning about now. In fact, I’ve been getting significantly more bankruptcy calls in the past few weeks. Since it seems apparent that many folks are now needing to consider bankruptcy, I’ll be posting a series of related blog articles this month, on what to think about when considering bankruptcy and look for in a bankruptcy attorney. Here’s my first bit of advice:

Speak To An Attorney About Your Financial Particulars Sooner Rather Than Later

The financial triggers and circumstances that lead people to consider bankruptcy are stressful, emotional and often highly traumatic. As a result, lots of people avoid thinking about bankruptcy. The vast majority of my clients wish they’d discussed how bankruptcy applies (or not) to their financial situation long before they actually spoke with me for the first time. Almost all of them say they’d been in denial for a long time.

If you’re reading this, there’s a reason for it. Please do yourself a favor and educate yourself about the process. You can start by this website’s section on personal bankruptcy or business bankruptcy. Then, call a bankruptcy specialist.  It doesn’t have to be me, but call someone. You don’t need to do anything other than get good information on the alternatives for dealing with the financial circumstances that have caused you to be reading this blog. You don’t need to make any hasty decision. You don’t even need to make a decision. But you do need to know what the feasible alternatives are to handling your debt before you can even make a decision.

This is one of the main reasons I give away lots of information on bankruptcy for free. I believe decision-making is easier and better when people are informed. Please make yourself one promise right now: that you’ll speak with someone this week who has bankruptcy experience and can apply it to your situation, to give you a sense of the feasible alternatives available to you.   Even if you then need lots more time to make an actual decision, or take a step forward, you will feel lighter knowing what your alternatives look like. I promise. Oh, and my clients are the ones who have urged me to include this point. So, if you don’t want to listen to me, then take some advice from many people who’ve been in financial situations very similar to yours. Call me. Call someone. But just call.

April 5, 2021

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