A friend of mine once said that he and his wife had over $65,000 in credit card debt and he didn’t see any other way out, other than suicide. I’m telling you today that there is a better way out. His wife had way too much pride and she didn’t want to file for bankruptcy. They were in the process of losing their home, cars - just about everything that they'd worked for all of their lives. He was extremely distraught and discouraged and didn’t know what to do, so I told him that I’d like to schedule a lunch meeting with he and his wife so that I could explain the Chapter 7 bankruptcy process to both of them. A few days later she agreed to the meeting and we had lunch. During lunch I explained that just because they were currently experiencing financial difficulty - that doesn’t mean that they can’t recover and bounce back and live healthy “financial lives” in the future. Bankruptcy is not the end, it’s a new beginning.
I explained that there was nothing to be ashamed of - they made poor financial choices in the past but now they can look ahead to a clear and bright future. I'm not sure whether his wife realized that he was thinking of ending his life due to their mounting debt. However, I presented them with a pamphlet that explains the entire bankruptcy process, from start to finish. I also explained that I could complete all of the documents for them at very reasonable costs and once the documents were filed in court, the phone calls from all creditors would cease.
It's a new way of thinking, which meant that they'd both have to live within their means. It's a process of rebuilding your life and prioritizing things in it. Buying the most expensive designer handbags was a hobby for his wife. Now she was stuck with all of these "things" and their marriage was "empty". Suicide is never the answer to any problem. Correcting the budgeting and financial errors of the past - that was the solution.
Comments