People wait too long before making the decision to file personal bankruptcy, says one bankruptcy attorney from another state. Funny, that’s what I’m always saying in these Bankruptcy in Indiana articles. “The vast majority of my clients have tried everything possible to stay on top of their bills, from cashing out accounts of all kinds to refinancing their homes,” that attorney adds. “Often, they have spent hours and hours on the phone trying to work things out.” At the five Zuckerberg bankruptcy law offices, we’ve had exactly the same experience, where it’s taken some frightening event such as being served with a lawsuit or having their wages garnished to galvanize debtors into action.
After having offered Indiana bankruptcy help for more than twenty-six years, I believe that picture is even more true when it comes to small business bankruptcy. I suppose that’s because, as difficult as it is for anyone to admit to financial difficulties, it’s even more difficult for an entrepreneur to admit failure.
There are more than 17 million family businesses in the United States, employing 62% of the U.S. workforce. Indiana has more than its share of those. That’s why, here in the Hoosier state, we see even more of that sort of “paralysis by analysis”, a failure to face up to failure than perhaps in other states.
Sometimes the “paralysis by analysis comes out of fear. Especially in the case of single moms, they may wonder if they can get together enough money for the bankruptcy filing fee, much less enough to cover the costs of a lawyer. Any debtors may be reluctant to spend what limited money they have on fees before they've gotten professional advice or know whether they even qualify to file individual bankruptcy in Indiana. And, even if they do qualify, they wonder what type of bankruptcy would be right for them, either Chapter 7 or Chapter 13. It can all seem just overwhelming, and that’s where the paralysis of inaction sets in.
“Take action to solve problems. Ask for help if you need it.” That’s what Kids’ Health advises as a way to combat depression. At our bankruptcy law offices, we think that’s good advice for anyone who needs a fresh financial start!
Categorised in: Bankruptcy Indiana
This post was written by Mark Zuckerberg