Sacramento, CA asked in Bankruptcy for California

Q: Is bankruptcy right for me? How stupid am I?

10 years ago I quit life and ran away from everything but wrong! I was prosperous in retail, married, new business owner and living right with good credit. I moved my family to a new city, opened up my own retail store and refinanced a condo I had $100,000 in equity in and quit my $80,000 a year job of 15 years. Spent $50,000 filling my showroom and $10,000 moving into a rental in the new community. Now my family is unsettled, not receiving an $7500 check every month and not happy dad every night but mad and challenged 54 y/ dad. My wife drained our remaining life savings a few months in $10,554.56 and left me 1penny. The day I pulled the open sign in my own store was the day the real estate bubble popped in Ca. I went from making $ everyday to losing $7500 a month, wife and kid gone and lived off of credit cards, daily sales from store which was due creditors and handed a child support order due of $2200 month. Moved under a bridge 10 yrs ago and just waking up today saying now what?

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2 Lawyer Answers
Timothy Denison
Timothy Denison
Answered
  • Bankruptcy Lawyer
  • Louisville, KY

A: Everyone makes mistakes and that is what bankruptcy is for. Sounds like you are a good candidate but first you should hire a competent bankruptcy attorney who can review your situation and make sure bankruptcy is the right way to go. Also, don’t dwell on the past. What’s done is done. But, with the right moves, you can start fresh.

Theodore Allan Greene and Bruce Alexander Minnick agree with this answer

Bruce Alexander Minnick
Bruce Alexander Minnick
Answered

A: Your closing question "How stupid am I?" reminded me of a very famous saying most of us heard while watching one of the really great movies of the decade we were living in called "Forrest Gump." I am speaking of the amazing true advice given to Forrest from his very wise loving mother: "Stupid is as stupid does."

Many people think she meant don't be stupid; however, I believe she meant "Stop doing stupid things." You are now standing at an important crossroad in your "stupid" past; so just turn around.

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