By choosing to be a bankruptcy lawyer, I conscientiously opted out of being a family lawyer. When I embarked on this journey to help people with their debt, I did not realize how much of an impact I could have on people’s personal relationships.
Eleven years into my legal career, I look back and remember a specific case I handled many years ago.
During the evolution of this seemingly “standard” chapter 7 bankruptcy case, I was introduced to “phantom payments” and to this day, I am still haunted by it.
As adults we no longer save our money in piggy bank. Our version of the piggy bank is our retirement savings. Too many people have none, but that is a discussion for another day.
Many are enrolled in mandatory or voluntary retirement plans through their employers. Others started saving early for retirement and have built up a decent portfolio.
Debt to income ration can and should influence your decision to file bankruptcy.