1

FINDING PERSPECTIVE AND LANDING ON

YOUR FEET AFTER BANKRUPTCY

ERIN B. SHANK CENTRAL TEXAS BANKRUPTCY ATTORNEY

When You Begin to See Things from a Slightly Different Perspective, Not Only Do You Feel Less Isolated, But You also See that No One Is Immune to Financial Problems

2

If you’re wondering about bankruptcy and whether it’s right for you or if you have questions that no one can answer, I invite you to contact my office to learn more about what bankruptcy is and more importantly, what it’s not .

As a Texas bankruptcy

lawyer, and even with my

thirty-plus years of

experience, I know that

even the most

compassionate approach

to filing for bankruptcy

protection can only go so

far. It’s difficult and

nothing I, nor my staff can say will eliminate the less than pleasant thoughts

going through a client’s head. That’s not to say we don’t try, because we do.

We take a great and sincere pride in providing guidance - both legal and

emotional – to our clients so that they can get past the tough times and begin

to rebuild their lives. The truth is, it’s a process – a slow dance that

unfortunately, they don’t always get to lead. But there are a few things many

clients are surprised to learn. When they begin to see things from a slightly

different perspective, not only do they feel less isolated, but they also see

that no one is immune to financial problems. This week, we provide a bit of

that perspective so that if you’re considering your own financial options, you

can take a fresh look and perhaps come to the right decision.

3

The first stumbling block many clients face is the fact that bankruptcies are

public record. That doesn’t mean a court clerk stands on the courthouse steps

and reads off names of people who filed for bankruptcy the previous month.

It simply means that it doesn’t share a confidential or “sealed file” dynamic

some legal processes are afforded. No one is standing around, hoping to see

someone they know walking into a courtroom where bankruptcies are being

filed.

Most people believe that politicians and celebrities are exempt from financial

problems. Nothing could be further from the truth. In fact, Tea Party

Republican candidate Dan Patrick has been very open and vocal about his

own financial troubles in the past. He too filed for Chapter 7 bankruptcy. The

Houston native is quite conservative and has also been vocal in his stance

against abortion, illegal immigration and same sex marriage. While you may

not see those as qualities you want to support in a political position, the fact

that he has openly spoke of those difficult financial times gives us a glimpse

that no one is immune from financial struggles.

In an interview this past September, he said that the lessons learned with his

Chapter 7 filing were invaluable and taught him to take nothing for granted

and to always approach financial decisions with a cautious hand. The total

amount discharged in that bankruptcy was close to $1 million…and it was a

Chapter 7 bankruptcy.

4

Texas has even had a governor who filed for personal bankruptcy. In 1988,

the former Texas governor John

Connally watched a $10 million

fortune go up in flames, courtesy of

the Texas real estate collapse that

made and broke so many titans in

those days. Keep in mind, though,

these were extraordinary

circumstances.

Today, bankruptcy is far more streamlined. Another misconception some

have is that walking into a courtroom and facing a judge is the most

horrifying thing they ever do. Again, it’s simply not accurate. When you file

Chapter 7, you never even see a Judge. You have a brief meeting with

another attorney who reviews your paperwork. I’ll be right there with you

making sure everything runs smoothly.

If you’re wondering about bankruptcy and

whether it’s right for you or if you have

questions that no one can answer, I invite you

to contact my office to learn more about what

bankruptcy is and more importantly, what it’s

not. You’ll be greeted by a great staff that’s patient, compassionate and

5

professional.

Perhaps Patrick said it best himself during a recent debate, “If you’re looking

for someone who has never made a mistake, then I’m not the guy. Probably

neither are my three opponents.”

REFERENCES

KeepMyTexasHome.org, The Foreclosure Process

NOLO, Summary of Texas’ Foreclosure Laws

US Courts, Bankruptcy

6

About the Author

Erin B. Shank With extensive training and years

of experience helping families

throughout Central Texas, Erin B.

Shank is here to help you conquer

your financial obstacles. Whether

you need guidance and advice

regarding bankruptcy, tax debt or

other financial problems, Erin and her

friendly and qualified team can help

you find solutions that will enable you

to manage or eliminate your debt.

Erin B. Shank, P.C.

www.centraltexasbankruptcy.com

1902 Austin Avenue Waco, TX 76701 (254) 296-1161 1711 East Central Texas Expressway Suite 107 Killeen, TX 76541 (254) 690-4110