As a bankruptcy attorney, I get many questions from friends, relatives and fellow colleagues about what the "typical" bankruptcy client is like.
For starters, I'll say that it would be unfair to make generalizations about any subset of the population. Yet I find that there are many myths and assumptions that others have of bankruptcy clients, and I think it's worth a blog posting in order to dispel some of those myths.
So, I'll take the liberty and share with you some of the common factors that I've seen among bankruptcy clients:
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They are hard workers - not carefree spenders: My typical bankruptcy client is not someone who went on shopping sprees or carefree spending binges before running to the courthouse before filing for bankruptcy. As a matter of fact, if someone like that walked into my office I would politely and respectfully decline to represent them. Not only would that be considered bankruptcy fraud, it's also immoral. Nonetheless, my typical bankruptcy client is an individual (or couple) who is hard working, struggling to make ends meet, living paycheck to paycheck until something pushes them over the edge. It could be a dramatic unexpected expense (the roof needs to be replaced, the car dies, or the boiler needs to be replaced), or it could be a dramatic unexpected change in their income (loss of job). While this change does not immediately send them running into my office, this is the critical event which starts the snowball effect of having clients rely predominantly on their credit cards in order to make ends meet and keep the lights on, the roof over their head and the food on the table. It can take anywhere from 6 months to 2 years until those clients realize that they can't possibly make those credit card payments, and they finally give me a call.
They don't stand out from the crowd, they're just like you and me: Many people assume that those who file for bankruptcy stand out from the crowd as being destitute - with ripped, worn out clothing, just 2 steps removed from the beggars you might find in a dark alley. Excuse me, but doesn't that directly conflict with the image of carefree spenders, who went on shopping sprees before running to the courthouse to file for bankruptcy? Yes, the two opposite images cannot co-exist, yet one might assume that the typical bankruptcy client falls into one of these two categories. News flash: the typical bankruptcy client sits in temple/church right next to you. They live in homes that are worth anywhere from $250,000 - $2 million dollars (or more!). They don't dress flashy, but they dress appropriately. They are professionals from every sector of every industry. While some of them might be unemployed, many have full time jobs. Their children play with your children. The cars in their driveway are not necessarily the newest, but they are not driving cars from 1985, either. You don't realize it, but they've been struggling financially, in private, while trying to get by and keep a proud face and avoid standing out from the crowd.
They have given up on trying to succeed and that's why they are filing for bankruptcy: The exact opposite is true! I speak to many potential clients every week. I have a detailed conversation with most of them, going through their personal financial situation, reviewing their outstanding debts, their household income and their current "pain points" before I strategize with them in order to identify the most appropriate path to recovery for each family. While the initial consultation with each of these potential clients is the same, the critical turning point depends on what happens next. Those clients who have given up are those who are stunned and shocked with the reality that they cannot possibly pay back their outstanding debts. They try to continue their day to day lives while letting the unopened credit card statements pile up on their dining room table, trying to continue the "balance-transfer-game" for a few more months, and burying their heads in the sand hoping that my assessment of their situation was completely wrong.
On the other hand, those clients who follow up and decide to pursue either credit card settlement, mortgage modification or filing for bankruptcy, are those who are ready to take the bulls by the horns and take control of their situation which has spiraled downward long enough. The typical bankruptcy client goes to an attorney in order to end the madness, take control of their situation, and begin the healing process of their financial life. People who have given up just coast along, allowing others (their creditors) to take control of their situations, and refrain from standing up for themselves and begin the path of financial healing. Bankruptcy clients are simply tapping into the laws and processes available to us through the Federal Bankruptcy Code, allowing them to "press the reset button" on their financial lives in a way which is completely legal and available to those who meet the strict criteria set out in our laws.
The typical bankruptcy client is one who has already decided to control their own destiny and become fully accountable for their financial future, while leveraging those strict laws available to them through the bankruptcy code.
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