15 Aug 2016

Turn a new financial leaf when emerging from bankruptcy

A relieved-looking woman came to me a few weeks back.

“We have two more monthly payments of $757 remaining, and then our Chapter 13 bankruptcy is over,” said a woman I will call “Marge,” her named changed to protect her identity. “It’s been a hard five years, but life is about to get better again.”

Uh oh.

Marge’s situation was set up perfectly. In two months, she wouldn’t owe a dime to anyone. She and her husband had learned to forgo $750 a month for five years.

The fresh slate which can often lay on the other side of bankruptcy was crystal clear. Just 12 months after the completion of the bankruptcy, this couple could have $9,000 in the bank and could be well on their way to a great turnaround story.

What was described to me next, was the worst possible course of action that could be conceived.

“We’re thinking about buying a new truck. Since we won’t have a bankruptcy payment anymore, we figure we could spend up to $650 a month for the truck payment,” said Marge.
I spent the next 15 minutes trying to convince Marge to not make another major financial mistake. And although she admitted my plan for her was better than her plan for her was, she didn’t think it really mattered. After further discussion, I discovered she hadn’t made a winning financial choice, even in the smallest capacity, for over 10 years.

Yet, here she was at the precipice of a good decision, and she couldn’t pull the trigger. She didn’t know how to win.

Winning matters. Making winning financial decisions matters. But sadly, people don’t make winning decisions in situations like Marge’s because they don’t realize what’s at stake.

Read more about it here: http://usat.ly/2buHdey

For more information regarding divorce, we recommend that you contact us at the Law Office of Alice Pare at 301-515-1190 or visit our website at: https://www.alicelaw.com

Do not at any time take the risky move of going at it alone. We have a wide choice when it comes to going it alone but with the professional advice, you will need.

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