As you may know, in a few days we will have a new person sworn in as President of the United States of America. This person is very familiar with bankruptcy law and has used those laws to benefit his businesses, and by extension himself, on several occasions over the years.
Why shouldn’t you be like our new President, at least when it comes to availing yourself to the relief afforded to you under the bankruptcy law? I recently posed that question to an older gentleman who was in my office for a consultation. After all, Trump will be 70 years old when he takes office, so it seemed a legitimate connection to make. Does it make sense, I asked him, to deplete your retirement savings, the money you will depend on for the rest of your life, to the tune of hundreds of dollars a month, just so you can remain in good standing with the big banks of the world? Could that money be better spent on your long-term care, for example? Have you thought about your long-term care?
THINK ABOUT YOUR FINANCES STRATEGICALLY
Think strategically, I advised, like our soon to be President, like the big banks to whom you owe the money. Remember when those big banks got in financial trouble a few years back and got a nice government bailout? Shouldn’t you, likewise, deserve a bailout if you get in over your head financially. It just so happened that this gentleman, like many other clients in his situation, could keep his house, his car, his bank account, and his personal items, and eliminate his debt by filing bankruptcy.
Think of yourself and your personal finances like you’re running a business. I guarantee you the banks and other creditors you owe money to are thinking of their financial affairs that way. Maybe it’s time for you to get a bailout as the banks received. Maybe it’s time to rethink the message that the financial industry in this country has pushed for years that bankruptcy is a terrible, terrible, thing that will leave you in financial ruins for the rest of your life.
Who knows, that new way of thinking could land you in the White House one day.
Remove the debt. Relieve stress. Rebuild your finances.