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"1. The Child Spoiler Client
2. The Dream Wedding Client
3. The “Don’t Tell My Spouse I Have Debt” Client
4. The House Flipper Client."
These reasons don't seem so weird to me; though the cases she uses are a little extreme. While the author's explanation of the events that caused her clients to go into debt show some questionable choices, it is easy to understand how the events could unfold as they did.
Many people over-spend on their minor children and bail out their adult children (a topic in my next blog). We all want the best for our children and sometimes we are not practical about it. The dream wedding ... this is a reflection, I think, on our society. Who has been to a formal wedding recently and thought, "WOW! this was so simply done and I'm sure it was done at a reasonable price." Credit has been too easy for us and we have allowed the prices of everything from weddings to college to be driven up to a ridiculous price point. It is hard to balance reasonableness with what has become the norm.
The spouse with secret debt is not new either. I remember an entire "I Love Lucy" episode where Lucy ordered a dress, I think, on store credit without Ricky knowing about it. Secret debt was the basis for the humor of the plot. I had one bankruptcy client who bought a house without her husband knowing. She did it for another family member because he was going to lose the home and it work for awhile. Her intentions were all good but the results were bad.
Finally, the House Flipper should be no shock. People try and fail at businesses all the time. Many people go through several businesses learning before they get it right... it happens.
My point here is normal people do create debt they cannot handle alone. We all need to be more realistic and practical with our finances. But we all make decisions and sometimes they are bad. Some decisions are bad from the start ... and sometimes, they turn out to bad for some other reason. But that doesn't mean you should do nothing and suffer this alone.
Some people may be able to use the advice in the article or take advantage of services like that offered by the author of the article referenced above. Sometimes people let it go too long or it grows too fast that they need the services of a bankruptcy attorney. But know you are not alone and you are not "weird." You may have made mistakes and you need to face them. It is really that simple to start.
Learn more about my firm Medvesky Law Office, LLC at http://www.medveskylaw.com/
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