P is for Planning: What John Wooden Knew About Bankruptcy

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P is for Planning: What John Wooden Knew About Bankruptcy

Bankruptcy Alphabet is “Plan” or “Planning”.   Coach Wooden said it best:  ” Failing to Plan is Planning to Fail.”   While the Coach didn’t invent that saying himself (some sources credit Benjamin Franklin with the phrase), he certainly understood its meaning and consequences and used it consistently to help his students.

Failing to Plan Has Consequences

Planning leads to benefits in most aspects of life and failing to plan can lead to dire consequences.

While planning might prevent the need for filing a bankruptcy case, it is at least equally important to plan when bankruptcy is needed.

It is a risky proposition to contact a bankruptcy attorney the day before one needs to file a bankruptcy case.  It leaves no time to properly prepare for the case and do things which might be critical to prevent loss of assets and/or anticipate problems and issues that might arise in a case.

There isn’t a week that goes by that I don’t get a phone call from some client telling me they have a foreclosure sale scheduled within a week and they need to do something about it.   This is a foreclosure they knew was pending for at least 3 months prior, but decided it was better to trust their bank telling them that a loan modification was in progress, or trusting that things would just work out somehow.   Not a wise choice.

Now is the Time to Learn More

The time to consult with a bankruptcy attorney is when you feel there might be any possibility that bankruptcy might help you.  How do you know when a bankruptcy would be helpful?   By contacting an experienced bankruptcy attorney in your area.

 

Others playing the alphabet game:

 

 

image courtesy of takomabibelot

By | 2016-10-18T13:35:36+00:00 May 5th, 2012|Categories: Bankruptcy Alphabet, Miscellaneous|2 Comments

About the Author:

Attorney Mark Markus has been practicing exclusively bankruptcy law in Los Angeles, California since 1991. He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization, AV-Rated by martindale.com, and A+ rated by the Better Business Bureau. Google Plus

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