Thanks to a Sacramento bankruptcy lawyer I found through online research, I was able to gracefully exit from a failed business that threatened to not only personally ruin my reputation, but also would have left myself and my family homeless without even a vehicle to sleep in. For the first four years my business was very successful. It was a consultancy business and I made a bundle advising various concerns about their financial investments. Flash forward to about a year ago and the local economy tightened up. No one needed my services anymore and I felt the hit on my bottom line immediately.
I went through the usual cost cutting measures, such as laying off the few employees I had and moving my business out of the office and into my home, but the numbers weren’t adding up. One thing is for certain: the mortgage doesn’t care if your business in in the dumper. Also causing issues was paying my daughter’s tuition at college. My wife and I really started to panic. Just coming to the decision to actually declare bankruptcy took months. It’s a painful decision and the sense of failure is profound. Yet we had to do it.
Our attorney required extensive paperwork from my business and personal finance situation in order to come up with a plan of discharging as much of the debt as possible. The big issues was keeping the house and the cars as we needed a place to live and a way to find employment after the bankruptcy went through the court system. I’m happy to announce that I owe little debt as of this moment. Not only did we retain possession of our home and vehicles, we were able to somehow come up with the tuition for our daughter’s last semester at school.