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Are you embarrassed that you can’t get by at 48.07 per hour?
Forty-eight dollars per hour, actually $48.07, is a hundred thousand dollars a year. That sounds like a lot of money, but people who are making that much are contacting me in record numbers. Maybe you should, too.
The truth is $100,000 annually doesn’t go very far around here. (Last week, one really rich guy in the news said he considers $140,000 for a family of four as the “poverty line.”)
By contrast, Patrick Mahomes, one of the highest paid athletes ever, makes about $48 million a year. Is he worth that? While he’s having a bad season, he is still better at football than you or me or almost anybody.
Elon Musk makes $48 million an hour.
If you are making $100,000 a year, you aren’t Patrick Mahomes. And you certainly aren’t Elon Musk. You shouldn’t be too embarrassed to contact a bankruptcy lawyer.
Elon Musk Makes $48 million an hour
Recently, Elon Musk had his hand-picked board of directors at Tesla vote him a trillion dollars over ten years. That’s $48 million an hour! Musk makes as much every hour as Mahomes does in an entire season.
That means if you are making $48 an hour, a hundred thousand a year, Elon Musk thinks he’s a million times better than you.
Are you struggling to make ends meet?
So if you are struggling to make ends meet, even if you make a hundred thousand dollars, don’t be embarrassed to call a bankruptcy lawyer. I talk to a dozen people a month who are making more than $100,000. Let’s talk about whether bankruptcy can fix your cash flow problems.
I understand that it costs a lot to live around here, and I know you are not Elon Musk.
Chapter 13 Bankruptcy
Two or three times a month, I suggest Chapter 13 for high income families. As a rule of thumb, Chapter 13 can reduce your monthly payments by about one-third. (Sometimes more. Now and then, a lot more.) And, unlike the so called debt settlement or debt consolidation outfits, your creditors can’t bypass the Chapter 13 plan and sue you in state court.
Chapter 7 Bankruptcy
Often even high income people ar eligible for Chapter 7 bankruptcy, and can discharge their debts. Even high income families can be eligible.
Let’s talk
As long as you are not as rich as Patrick Mahomes or Elon Musk, the bankruptcy law can probably help you. Donald Trump is embarrased to talk about his business bankruptcies, but he wasn’t too embarrased to file (business) bankruptcy. He said it’s “just business” to use “the chapters” to “pare debt.” He said, “I’ve used it three, maybe four times, and came out great.”
If Donald Trump wasn’t too embarrassed to use the “laws of this counrty,” Find out if you can clear your debt, too.
The post Too embarassed to talk to a bankruptcy lawyer? appeared first on Robert Weed Virginia Bankruptcy Attorney.
Why is it Too Late for Asset Protection Planning after a Claim or Litigation Arises?Jay Adkisson has written a very informative article about why it is difficult to do Asset Protection Planning after a claim or lawsuit arises. The article was published in Forbes. At Shenwick & Associates we get many telephone calls and emails from clients about Asset Protection Planning and we summarize that article below. Clients
often ask whether they can protect their assets after a lawsuit threat appears
on the horizon. Mr. Adkisson explains in his article, that once a
claim exists, meaningful asset protection planning is unavailable. Under the Uniform Voidable Transactions Act (and its predecessor,
the Uniform Fraudulent Transfers Act), a “claim” arises the moment the
underlying event giving rise to liability occurs—not when a demand letter
arrives, not when a complaint is filed, and not when a judgment is entered. Any transfers made
after that point are vulnerable to attack as voidable transactions.
Many
debtors mistakenly believe they are safe if payments are current or no lawsuit
has been threatened, but the law provides no such protection. Mr. Adkisson states that post-claim
transfers often trigger serious consequences far beyond simply unwinding the
transaction. -Creditors can sue the transferee—often a spouse, child, or
friend—and obtain a judgment for the value of the transferred asset. -Courts may
award attorney’s fees, civil conspiracy damages, or even punitive or trebled
damages if the transfer was intended to evade creditors. In bankruptcy, these
transfers can result in denial of discharge under § 727, converting what might
have been a dischargeable debt into a permanent financial burden.
Asset
protection planning must occur before any claim exists. However, if a claim exists or litigation has been commenced clients are still allowed to utilize Federal & State Exemption statutes.Clients or their advisors with questions about Asset Protection Planning should contact Jim Shenwick, Esq. 917 363 3391 [email protected]Jim Shenwick, Esq 917 363 3391 [email protected] Please click the link to schedule a telephone call with me. https://calendly.com/james-shenwick/15minWe help individuals & businesses with too much debt!
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