Go hard if you’re going to go…

Happy Memorial Day America. Thank you to the troops who are serving our country and keeping us safe from harm. We respect the sacrifice you and your family makes each time you put on our nation’s uniform.

If you’ve recently sifted through your pile of bills and felt that sinking feeling, please read this blog entry.

I’ve met too many debtors lately who have liquidated their savings, their retirement accounts, their property in a vain attempt to stop BIG CREDIT from coming after them. It’s just not worth it and you may no end up any better off for your efforts.

So I say, go hard if you’re going to go–otherwise stated–get your money’s worth if you’re filing bankruptcy.

I am CERTAINLY NOT advising you to take on debt with the thought that you’ll be able to declare bankruptcy and wipe your slate clean. (I’m not actually advising you about anything seeing as how this is a blog about my thoughts and reflections, and not my legal advice.)

I am telling you however, that you should talk to an attorney who can advise you about which of your asset will be exempt in bankruptcy. Exempt means that the court, the trustee, and your creditors will not be able to get at them and you will still be able to get a fresh start.

Don’t cash in your 401K. Don’t liquidate your savings. Don’t borrow money from your life insurance policy. Don’t, don’t, don’t. It kills me to meet debtors who’ve done everything they can to stop collection actions from big credit, have no savings, no IRA, and still end up filing bankruptcy. It’s not like you get a refund on the blood money you shelled out prior to filing once the court gets involved.

Get serious and call an attorney who will advise you keeping in mind what’s best for your family. Believe me, the operators on the phones at BIG CREDIT not in it for your best interests.

Get your money’s worth from filing bankruptcy by protecting the assets that you’ll be allowed to hang onto. Carve only the flesh exacted by the court.