Personal bankruptcy makes the most sense when done at the beginning of financial difficulties, not at the bitter end, as several attorneys tell the Kalamazoo News.
“Most people, being honest and decent, exhaust every possible resource and it’s only when they’re at the bitter end they come in” said Paul Davidoff, a Kalamazoo bankruptcy attorney. “Only when they are down to a couple of thousand left, and they can see the writing on the wall, do they think about bankruptcy.”If people would realize that bankruptcy is a way to protect assets so that you can make a fresh start, rather than just calling uncle when they're already down and out, they would be a lot better off.
“We have been traditionally taught in America two things. The first thing we have been taught is that if you work hard, if you work harder than others ... you will succeed. The second thing we have been taught, taught throughout past generations, is that the future will be better than the past,” attorney Steve Rayman said. “The difficulty that we have today is that neither of those two premises are true.”
As with so many things, a consultation with a lawyer when a problem first appears leaves so many more options - including bankruptcy - available.
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