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Why Most of My Bankruptcy Clients Need a Time Machine

It happens far too often that I sit down to talk with a client about bankruptcy only to find out that they have been doing all the wrong things for the past 6 months to a year to avoid filing bankruptcy.  I do get it; no one really wants to file, but they do tend to do things that seriously hamper their financial future, only to reach the inevitable conclusion that bankruptcy is the best thing for them.

Maryland bankruptcy lawyer Brett Weiss wrote on the Bankruptcy Law Network site that "it’s an old saying among bankruptcy attorneys that their clients should have seen them at least a year ago.  If they did, they wouldn’t have done all of the things that cost them lots and lots and lots of money."

That is why they need a time machine.  They need to be able to step into one and go back a year in order to stop themselves from

  • Raiding their pensions or IRAs
  • Taking out payday or car title loans
  • Borrowing money from places like Western Sky Financial
  • Selling off assets that they could have kept in bankruptcy through an exemption
  • Borrowing money from friends and family
  • Having your bank account levied or your wages garnished
  • Dealing with a year of creditor harassment

Doing these things can not only sacrifice your retirement (a big part of your fresh start), but also deplete your assets and cause unnecessary stress.

If you find yourself doing any of these things in an effort to stave off bankruptcy, stop and think about what you are doing and the consequences.  Better yet, if you are in the Gloucester County, New Jersey area, give me a call at 856-432-4113 or contact me through this site to set up an appointment in my Woodbury office.

No one has a time machine; so talk to a bankruptcy lawyer before you do anything that you cannot undo.

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Steven J. Richardson
Bankruptcy, Collections, Student Loan, DUI and Traffic Court attorney in Woodbury, NJ.