When you can’t quite make yourself go to bed

An Open Thread

The Cram Down Myth

*Disclaimer: nothing in this post should be construed as legal advice. If you think bankruptcy might be right for you, you should consult with an attorney. Your state bar association will be able to refer you to an attorney licensed to practice law in your state.

“How did you go bankrupt?” Bill asked.
“Two ways,” Mike said. “Gradually and then suddenly.”
Ernest Hemingway, The Sun Also Rises

The image of the irresponsible debtor dripping in diamonds, driving around in a flashy car and burning money while nonchalantly filing bankruptcy is a stereotype created by the credit card and banking industries to guilt middle class Americans into thinking of bankruptcy as some shameful act to be avoided on pain of death instead of what it is: a financial planning tool. The vast majority of people who file bankruptcy are honest, hard-working people who paid their bills on time and never dreamed of filing bankruptcy until . . . until that devastating illness kept them out of work for 6 months, until the insurance coverage turned out to be inadequate, until the divorce, until the factory closed, until, until, until. No one is immune.

The law recognizes that sometimes unforeseen, uncontrollable events can lead a consumer to accumulate unmanageable debt that can ruin their lives. For this reason, the Bankruptcy Code was written: to provide the honest but unfortunate debtor with a fresh start. Yet, every single person who walks through my door for a consultation ends up crying in my office. They have spent months without sleep stressing out about how in the world they will ever pay down their overwhelming, soul-crushing debt. Often they have been working two jobs trying to make ends meet. They have been robbing Peter to pay Paul in the hope that something will turn up to enable them to catch up on their bills. I am their last resort and they know it, or they would not have come to see me.

And still they do not want to file bankruptcy. Still they hope against hope that I will be able to tell them that that there is something (anything! can I sell my kidney?) else they can do other than filing bankruptcy. Anyone who expects me to tell the 60 year old hair dresser with no insurance and $100,000 in medical bills from her double-mastectomy who walked into my office a year ago to work until she is 90 and go without “luxuries” (like food) so that she can pay that debt because it is the “responsible” thing to do can just stop reading now. And I suggest you avoid my future posts as well.

MIMOSAS AND ME….

Let me preface this by saying that all this started when I received an invitation from a neighbor to attend a bridal brunch for her daughter who was getting married in May. Like a good invitee, I RSVP’d and also mentioned that “if there was anything I can do, please do not hesitate to let me know”.

She indicated that Mrs. A and Mrs. B had volunteered to do the token table gifts for each attendee and would welcome the additional help! She had sent out over 120 invitations but was looking at a number of 100 who she expected to be there and my assistance would be well received. Dutifully, I contacted the two ladies, who indeed seemed thrilled by another pair of hands, and we agreed to get together “soon” to coordinate the arrangements. They felt that a candle in a glass holder with “cupid” stickers attached and bound up in netting and ribbon would be the ideal offering. Sounded good to me and we were off to the races!

Time was slipping by and each time I made the effort to get us together I was met with more excuses than those offered up by A-Rod! Gym, hairdresser, doctor appointments, food shopping, guests, babysitting, cable man, nail salons, after school programs, the weather, all stood in the way of nailing this baby down. Time was running short and I offered to pick up the supplies at least which was greeted with a resounding “yes” by these two overbooked ladies. So off I set with another friend which ended up at a craft shop where I purchased the necessary supplies to get us going. And there they sat in my dining room for almost a week.