Financial Tornado – What Do You Do After It Hits?

taken by Jessi Smith

A financial tornado can be devastating.  The good news is that you can recover from it.

April 2011 was a disaster for Northwest Georgia.  I’ve lived in Georgia almost all of my life and I’ve never seen anything like it.  Large Oak Trees that have stood for over 100 years were literally ripped out of the ground by tornadoes.

Some houses were completely ripped off their foundations.  In Ringgold, GA, the high school and the middle school were destroyed.  The McDonald’s and Food Lion were also destroyed in Ringgold.

In Cave Spring, Georgia, some houses and cars were crushed by falling trees.

A financial crisis can be a lot like a tornado.  Many of my clients have been through different kinds of financial tornadoes.  For some, its a divorce that came out of nowhere.  The bills got paid when they were together but now its impossible since the income has been cut in half and the same income that used to support one house must now support two houses.

For others its a job loss.  I’ve spoken with clients who spent a good part of the lives in a great career and made a good salary for many years.  But then, the economic tornado of 2008 came along and their job was eliminated.  In some situations entire job industries (like mortgage brokers) have been almost completely wiped out.

Some people have struggled with financial tornadoes cause by healthcare disasters.  Even though they have great insurance that covers the bills, most people do not have any type of insurance that will make up for the lost income from their job while they recover from surgeries or sickness.

The good news is that Chapter 13 can help Georgia consumers who need some time to catch their breath.  Chapter 13 is a great tool for stopping foreclosures, repossessions and garnishments.  For those Georgia consumers who need to eliminate their debt and get a fresh start, Chapter 7 is a great option.

Call me today at 706-295-0030 so that we can sit down together and look at your entire situation.  Let’s see if we can come up with a plan that works for you.

Related Posts:

1.  What is Chapter 13?

2.  What is Chapter 7?

3.  What is the Means Test?

4.  How much does it cost to file bankruptcy?

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