If you are reading this, you are probably in the same position I was over 15 years ago— facing financial ruin, unexpected job loss, and a foreclosure notice that threatened my children’s home. Like many of you, I didn’t know how to makes ends meet. There seemed to be dead ends wherever I turned.
While I didn’t know it at the time, from a place of utter dismay, I was at the beginning of my success story.
On January 15, 2002, soon after the two towers came down in lower Manhattan, my world collapsed.
My wife of seven years announced she wanted to move on and cleaned out the family home while I was at a baseball game. I was left with a house but no bed to sleep in. I didn’t know the whereabouts of her, or my children, for days.
Around the same time, the parent company of the newspaper I managed sold its assets to an international media conglomerate. It was soon clear our publication would either be consolidated with another news operation out-of-state or terminated entirely.
I panicked. How would my kids eat? How could I possibly afford child support? What will my divorce lawyer say when I tell him I can’t pay his bill? What about the mortgage? How would I get an apartment with no stable income? Could creditors file suit for nonpayment of credit card and medical debt?
Over the next month, I lost more than 50 pounds, couldn’t sleep, and began smoking again. I was a mess.
The next time I sat with my divorce attorney, I broke the bad news.
Surprisingly, he shrugged his shoulders.
He handed me the contact information for a bankruptcy practitioner he knew and said, “Just talk to him. I’m sure the consultation will be free.”
But I’m a lawyer who has never been in financial trouble, I thought. How can I face my family, friends and colleagues if I even consider filing bankruptcy?
Nevertheless, I followed the advice and changed my life.
When I first spoke to my bankruptcy attorney, he asked for a list of everything I owned. “Why?” I asked. “Will I lose it all?” “No,” he replied, “I just need to protect it from the Trustee and your creditors.” As it turned out, I didn’t need to surrender anything. Through state exemptions, my attorney was able save my personal belongings and assets.
I provided my tax returns and paystubs, followed by a list of my everyday expenses. My attorney then pointed me to an online credit counseling course that was required of everyone filing bankruptcy. After all that was done, he assembled my case documents and called me into his office for signing. On the same day, he emailed me the date and time for our meeting with the Chapter 7 Trustee.
Come time for the meeting, I was in and out within the half hour, spending only 10 minutes talking to the Trustee. And that, was that.
Finally, after two months, I was completely debt-free. No more divorce lawyer statements, no more credit card debt, no back utilities, no medical bills and, best of all, no collectors calling multiple times a day.
Maybe the old saying is correct: When God closes a door, He opens a window.
At last, I could breathe. But, what now? I was out of a job and living off temporary assignments through a local employment agency. I thought to myself, “Should I continue to look for a job or start fresh in a whole new direction?
That’s when I decided to open my own practice and to help others just like my bankruptcy lawyer helped me.
Today, I run a successful bankruptcy and foreclosure defense practice in downtown Cleveland. Best of all, I have an excellent relationship with both of my kids and, surprisingly, with my ex-wife.
Now, I’m not giving you any specific legal advice. But my decision to file bankruptcy is a major reason I have been able to achieve the level of success and freedom I enjoy today. If you are drowning in debt and unable to get your head above water, speaking to a bankruptcy attorney might be your next step. I know it was mine.
Author Bio: David Benson is a bankruptcy attorney in Ohio, who has been practicing bankruptcy law since 2008. Inspired by personal experience, David dedicated the last 12 years of his legal experience to bankruptcy - helping his clients regain control of their debt, and ultimately, their lives through Chapter 7 and Chapter 13.
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