The editors of the Bankruptcy Alternatives Information web site are constantly researching ways to avoid bankruptcy. In the past we have discussed debt consolidation loans, credit counseling, Chapter 13 Wage Earner Plans, and Consumer Proposals.
Today we are pleased to report on a new research report from Dave Clark, a U.S. attorney with many years experience helping people in financial trouble. Here is his story:
I graduated with a BS degree in Economics and a minor in Finance. I worked as bank examiner for several years before going to law school. Once graduating law school with honors in 1984, I accepted a job as an associate in large metropolitan law firm and represented some of the largest and wealthiest corporations in the U.S. But it wasn’t satisfying. No, not at all.
I found my true calling and fell in love with practicing law again. I began working even harder, earning less at first, representing ordinary workaday consumers. I began thinking of large corporations as bloated whales, driven by arrogance and greed, as they systematically rolled over working moms and pops. I fell in love with the possibility of becoming the fastest barracuda in the ocean that could take a bite from whales anytime, anywhere and anyway I wished.
You see, I knew the attorneys representing large corporations. I had been one of them for 5 years. I knew their level of expertise and their tactics. I decided to up the ante and bring the fight to their front door. That was 20 years ago.
Today, there is no better reward for me than bringing in a verdict against arrogant bullies, unethical corporations, and wealthy despots. You and I together will see FOREVER from the top of a pristine mountain. My love for the law and this pure purpose still drive me. I smile often, daily, proudly, and remain more committed than ever before.
My life has purpose. I have destiny. There is nothing I would rather do.
I want to share it with you.
Everyone coping with a financial problem has extraordinary options. Your options are almost unlimited. The best results do require a solution designed with the end game in mind. You may want to compromise in one area to maximize another, to achieve the best overall outcome. With one strategy supported by many complementary tactics, your best results can be virtually guaranteed.
The best way to see your potential end results, in advance, is use a common measure. You may even want to mix and match the most profitable benefits and advantages of the following alternatives:
- Consumer Credit Counseling – the free course required as a condition of filing bankruptcy (certificate of completion required). They will try to create a monthly budget that pays all of your debts and bills.
- Debt Management Plans – a low cost service for renegotiating interest rates and penalties owed on unsecured debts.
- Debt Settlement Plans – a more aggressive service for settling unsecured debts for a percentage of the principal due, with payment spread out over several years.
- Debt Consolidation Loans – new loans requiring new approval to combine debts (Many dangers here).
- Home Equity Loans – new loans using your home as collateral to pay off other debts (Many dangers here).
- Chapter 7 – the complete discharge of most debts without payment of any kind. You can eliminate judgments, debts and contractual liability easily.
- Chapter 13 – the discharge of most debts after making partial payment over 3 to 5 years.
- Chapter 11 – both discharge and reorganization of debts in a plan of 5 years or more.
- Private Debt Negotiation – The individual settlement of debts yourself or with the assistance of an attorney.
- Litigation of Select Debts – Invalidating or settling debts through the legal system (without filing), with rights of discovery, deposition and jury trial to resolve disputes.
In my Bankruptcy Strategies manual, I explain the advantages and disadvantages of each of these alternatives. In some cases, using 4 or 5 of these alternatives creatively will maximize your end result. I have included a series of worksheets and instructions intentionally designed to help you find your ultimate solution.
You will see, in dollars and cents, how each of these alternatives could help you. You will complete worksheets in the privacy of your home to reveal your best option and potential savings. No more guessing. No more excuses. You will know how each option will change your life.
You will create a side by side comparison of your expected results over 5 years. This should be your common measure when comparing your costs, benefits, advantages and disadvantages. Once you know what to do (using included instructions and examples) completing my worksheets is easy by design.
There is no reason why most people cannot use all of these alternatives as they see fit. We are free to combine options and alternatives to design your beautiful solution.
Timing is Critical
Simply knowing that you have alternatives is not enough. You must use them at the proper time and in the proper sequence. Unfortunately, many people procrastinate with the best intentions. But as time slips away and they lose the ability to keep all of their exempt assets and discharge all debts.
Start early. A few weeks or a few months can make all the difference.
The best time to compare your options is when you first have problems paying your monthly bills. At this point, you may be able to avoid filing altogether, but also maintain all legal rights and benefits if filing later becomes necessary. Safe play. Highly profitable. You keep all property and assets and remain in control.
If creditors and collection agents are calling, you have less time to plan and fewer options. If you need to bankruptcy to stop foreclosure, eviction or repossession, your options are needlessly limited. But you still have many powerful and highly valuable options.
Success using an optimized bankruptcy strategy is not an accident. It takes planning. You must have time to first discover what you want, what makes the most sense for you, and have time to act. Then, your beautiful solution will unfold with uncanny precision and a full discharge of all debts will be quick and easy.
Think of it as a game. First you have an idea and decide on a plan. Then you line up all of the dominoes. Then you file. Then with the slightest flick of a a finger, everything falls in place, at the proper time, in the proper sequence, with automatic precision. Your competition will be dumbfounded. No problems. You were first to act. You win.
You have options, but only you can take action to deal with your debt.