You build on failure. You use it as a stepping stone. Close the door on the past. You don’t try to forget the mistakes, but you don’t dwell on it. You don’t let it have any of your energy, or any of your time, or any of your space. –Johnny Cash
It is hard to imagine that you’d end up in such a challenging financial position. But here you are. Perhaps your spouse had to take time off from a lucrative executive job because of a health problem; and the negative cash flow has left you scrambling. Or maybe you overleveraged your investments and just hit a streak of bad luck.
Bestselling author Nassim Taleb (The Black Swan) once wrote that “the inability to predict outliers implies the inability to predict the course of history.” In other words, no matter how carefully we plan for the future or how intelligently we react to events, life is full of surprises. So now what? How should you deal with your debts?
The answer is not intuitive. Because of your high income, most people would consider you affluent. You may be quite good at keeping up appearances with friends and neighbors. But your financial situation is creating unbearable stress. Crunching the numbers is depressing. And common debt relief tools, like Chapter 7 and Chapter 13 bankruptcy, just don’t seem up to the task.
What can you do? Are there other options?
There might be! The individual Chapter 11 bankruptcy could be the right approach. This strategy is often-overlooked and misunderstood. It’s not appropriate for most people, since it costs more than other individual bankruptcy types, and it’s not easy to execute well.
This blog post series (which will later be available for download as an ebook) will introduce you to key ideas about individual Chapter 11s in New Jersey and answer many common questions. Our goal with this series is to help you feel back in control of your life and your future.
Here’s what this series will explore:
Part One: The Basics of Individual Chapter 11s
We’ll tackle questions like:
- How do Individual 11s work?
- When is this strategy appropriate?
- How does it stack up against other bankruptcy tools?
- What mistakes do people make with individual 11s?
We’ll simplify this sophisticated material (without oversimplifying) and illustrate key ideas with stories and examples.
Section Two: Debt Survival Guide
In addition to dealing with the nuts and bolts of your debt, you need to address challenges like:
• What’s the root cause of your financial problems, and how can you use tools like the 5 Whys to solve these issues permanently?
• How can you process your negative emotions caused by your money issues? We’ll discuss useful, relevant science.
• How can you operate your business (and/or rebuild your career) despite what’s happened? We’ll explore best practices.
Section Three: Practical Resources
Here we’ll cover things like how to find and work with an attorney on your Chapter 11 and how to locate qualified New Jersey and New York resources to help with pieces of the puzzle.
Your financial turmoil, though uncomfortable, will not be forever. Our team can help you explore solutions—possibly including individual Chapter 11 bankruptcy. Call us for action and insight now at (908) 350-7505. We’re standing by to help you get back in control.