Orange County Chapter 7 Bankruptcy – Chapter 7 Lawyer
As an Orange County Chapter 7 lawyer, I can tell you that no one is immune from financial difficulties and that includes billionaires. Time magazine has recently reported that billionaire divorcee Patricia Kluge has filed for Chapter 7 bankruptcy protection. Ms. Kluge received $1 billion in a 1990 divorce settlement.
So, what can we learn from this spectacular story? First, we need to analyze why the very rich find themselves in severe financial difficulty. One can almost liken Ms. Kluge’s divorce settlement to winning the lottery. But, as we have seen with real lottery winners, a large infusion of capital does not necessarily solve your financial problems. So, what can we do to prevent this collapse.
- You must have an accurate account of how much money you are making
- You must have an accurate account of how much your expenditures are each month
- You must put these items into a plan that you can look to for financial guidance
- You must plan for all contingencies including a prolonged period of unemployment
- You must look to past events and costs as predictors of future events and costs
While the above 5 steps may look easy, even the most sophisticated of investors and business persons fail to follow them all the time. If you do find yourself in difficulty, don’t wait until it is too late to contact an Orange County Chapter 7 lawyer for advice.
I understand that most of us won’t be as fortunate as Ms. Kluge as to have squandered $1 billion and then have their debts wiped out in a Chapter 7 bankruptcy. But, it is important that each of us understand that an Orange County bankruptcy is not the end goal. The end goal is sold, long-term financial responsibility and management.
Since 1976, our Orange County Chapter 7 lawyers have been helping consumers, just like you, with all their bankruptcy and foreclosure needs. Don’t wait while your creditors take your hard-earned money. Our lawyers can put an end to wage garnishments, harassing phones calls, creditor harassment, judgment collection and more. Call our office today at 888.665.8330, download a copy of our FREE California Guide to Bankruptcy or find out how you can become a client right now!
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