Sunday, October 9, 2016

Bankruptcy - why I do this ...

As a part of my practice, I attend creditors meetings with my clients. I attended a creditors meeting earlier this week. Like most clients, when we first met with them, they were incredibly apprehensive.

The wife had suffered a serious accident that left her in a progressively deteriorating physical condition. She had an advanced degree and held a lucrative professional position. She was unable to return to her profession after the accident.
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Since the accident, medical bills grew and treatments were skipped due to costs.

The husband also held a well-paid position. Shortly after his wife's accident, he was laid off. He eventually found a job for much less than what he had been earning. Their household income leveled out to about a third of what they were making before the accident and lay off.

They tried everything to avoid bankruptcy. They spent the personal injury settlement she received from the accident.

They allowed their expensive cars to be repossessed and were living on their credit cards. They were like most people and expected the next month to be better than the previous month. They finally got to the point they started selling their holiday decorations on eBay.

Even after they hired us, they drug their feet. They took their time getting us information and sort of fell off the face of the earth a couple weeks at a time. Finally, we got everything together and filed their case.

The evening before the creditors meeting, they were nervous and called to ask questions. Again, very common for clients the night before.

The day of the meeting, I met my clients there at the meeting place. The wife, who happens to walk with a cane, came in looking as if she was a criminal client preparing to be sentenced. Her concern was clearly apparent on her face. He body was tense and she was quiet. Her husband was nervously chatty.

As we were waiting for the meeting, I went over everything with them. They both calmed a little and then it was our turn. Into meeting room we went. Everything went as smoothly as I had expected and we left the meeting.

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As we were leaving the meeting, the look of relief on the wife's face was astounding. Her whole demeanor changed and I think she even smiled. When we got into the hallway, the husband exclaimed, "that's it?" It seemed like years of tension were washed away in that meeting.

This a pretty common reaction after creditors meetings. This is why I do this ... practice bankruptcy law ... I find helping people through this stressful time ... helping them clear the slate and restart their lives ... This is some of the most satisfying work I have ever done.

The primary causes of bankruptcy for most people are usually under or unemployment; serious medical issues; and/or divorce/family/relationship issues. I have also had my share of clients who had an unsuccessful attempt at small business ownership.

If you want assistance, legal representation, or just want to know more about Mark M. Medvesky or Wells, Hoffman, Holloway & Medvesky LLP, check out our website at

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