Bankruptcy: Chill, It's No Big Deal

       Chill, It's No Big Deal!

Get a nasty letter in the mail?
Send us money or we’ll give you hell?
Don’t lose your cool, don’t get upset
Chill, it’s no big deal

Creditor called and wants his bread?
Got to have it now, no more said?
Don’t get upset, don’t be depressed
Chill, it’s no big deal

Constable came knocking at your door?
You’ve been sued, can’t take no more?
Take a deep breath, don’t despair
Chill, it’s no big deal.

Didn’t pay your taxes? Owe a lot?
Accounts been seized, checks are hot?
Take a walk, get some air
Chill, it’s no big deal.

Rent is late? Landlord lookin’ for the cash?
Wants the rent or you’re out on your ass
Take two aspirin and go to bed
Chill, it’s no big deal

‘Cause when your world starts to crumble
Your lawyer will make sure you don’t stumble
He’ll smile as he takes your cash and tell you
Chill, it’s no big deal

Chill, It’s No Big Deal
William Manchee, March 2009

I wrote this poem initially to get across the point that it's advisable to get an attorney immediately when you get in trouble. Better yet, get an attorney when you first smell trouble. Too many people wait until it's too late to take any preventative or defensive measures before they seek legal advice. The consequences of that strategy can be devastating.

But there's another message in the poem that is important in today's economy. When you lose a job or take a pay cut, remember, we're just talking about money. Don't let your temporary financial difficulties destroy the most important things in you life like your marriage, your family and your integrity.

If bill collector's are hounding you, your rent is late, or the repos man is looking for your car, go see your attorney and discuss bankruptcy. Millions of Americans file bankruptcy every year. It's not a disgrace. It's a fact of life in our credit driven economy. And bankruptcy doesn't mean you lose everything. In fact, most people don't lose anything but their debts. Chapter 13 is a great way to catch up on your house payments, cure a default on a car loan, or pay your delinquent taxes.

Remember, it's just money. Chill, it's no big deal!

Don't Let Finances Destroy Your Marriage.

One of the most common refrains I hear from my bankruptcy clients is: "Why did I wait so long to file?" The problem is most people are optimistic and believe they will be able to turn things around. They hate to admit failure and don’t want to be saddled with the stigma of bankruptcy. So, they suffer unbearable stress and pain, year after year, struggling to make ends meet until their situation becomes unbearable. Few marriages can survive this trauma and as a result families are split apart.

 

The fact is, in our credit driven economy, bankruptcy is inevitable for a lot of consumers. A lost job, illness, business failure, or weakness for all the alluring products and services that are dangled out in front of us each day, can leave a consumer deeply in debt with no way out. In this situation, absent a rich uncle or a lottery win, these consumers will eventually have to face bankruptcy. I’m not saying consumers should take filing bankruptcy lightly, but if there is no realistic way to avoid it then sooner is better than later.

 

This was brought home to me early on in my career when I got a call from a widow of a man who had committed suicide because of his business failure. We put the business in chapter 11 and the man's brother turned it around in six months. The man had taken his life needlessly. So, it's always better to face the inevitable and file bankruptcy before the marriage is destroyed and family relationships irrevocably injured.

 

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