I Would Never File for Bankruptcy

By James K. Ince

Many people have uttered those words. The exact wording may change, but the thoughts are the same. What we really mean to say is that we cannot imagine what set of circumstances could lead us to make such a dramatic decision. That is really the issue. Bankruptcy can often catch people completely by surprise, despite all the planning and saving that they may have done. Sometimes life just has other ideas.

Take, for example, the Ben Sessions family. They were not going to make the mistake of buying a home that was overvalued. Mr. Sessions had more than enough income to buy a house for many times what he actually wanted but allowed his common sense to help dictate what plan of action he would need to find the right house. He had certain criteria. He wanted a house on an acre of land in the countryside. It was a shock to him and his family when they found a great, fairly new home in Idaho on two acres of land, with five bedrooms priced at only $180,000. He had seen comparable homes priced much above that amount. Further, their new home was fewer than 125 miles from Yellowstone National Park.

Mr. Sessions made an offer and soon was the happy owner of the new house. His now-pregnant wife wanted to raise chickens so they could have fresh eggs. During the building of the chicken coop, Mr. Sessions lifted a piece of metal only to see two snakes slither away. More and more snakes began to appear over the coming days. There were so many snakes in the yard that it looked like the grass was moving. Soon, the snakes were everywhere. The couple would lay awake at night and listen to them crawl into the walls. Mr. Sessions would collect them in a bucket. One day he found more than 40. It turned out their house was built on a snake den and there was no method for removing them. The day their new baby was born, they moved out.

Mr. Sessions had no choice but to file for bankruptcy. He could not sell this house and nobody would forgive the debt on it. We see people like Mr. Sessions all the time. They have made the best preparations and plans possible, but life has its own set of plans. Often, walking away from a financed asset is all one can do when job layoffs and other disasters hit. If you are in a situation in which bankruptcy appears to be the best option, come see us about your finances. We have experienced bankruptcy attorneys who will help you through whatever situation life has dealt you.

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